Apollo partners with ZenHedge to launch new parametric Freight Expense Insurance solution

New Partnership Aims to Simplify Freight Insurance

Apollo, a company within the Skyward Group, has teamed up with ZenHedge, an insurtech startup based in the US, to introduce a new insurance product. This initiative focuses on providing a parametric Freight Expense Insurance solution.

What is Freight Expense Insurance?

Freight Expense Insurance is designed to protect businesses from unexpected shipping costs caused by disruptive events like weather-related delays or accidents. Unlike traditional insurance, which often requires claims processing, parametric insurance pays out automatically based on predefined conditions. This can streamline the claims process and provide quicker relief for businesses facing unexpected expenses.

Key Players and Their Roles

The collaboration combines Apollo's insurance expertise with ZenHedge's innovative technology. Apollo brings a wealth of experience in commercial insurance, while ZenHedge focuses on leveraging technology to enhance underwriting and risk management. Together, they aim to create an efficient solution that addresses the needs of businesses reliant on freight services.

Potential Impact on Businesses

This partnership could particularly benefit logistics and shipping companies that are frequently vulnerable to operational disruptions. By offering a parametric solution, the hope is to provide these businesses with greater financial stability when unforeseen events occur, simplifying their risk management strategies.

Looking Ahead

The introduction of this product signals a shift towards more flexible insurance options within the industry. As the partnership evolves, it may set a precedent for how technology can be integrated into commercial insurance to meet the needs of modern businesses.

For more details on this partnership and the new offering, refer to the original source: https://www.reinsurancene.ws/apollo-partners-with-zenhedge-to-launch-new-parametric-freight-expense-insurance-solution/