Publications
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The Rise of Insurtech: How Technology is Revolutionizing the Insurance Industry
In recent years, the insurance industry has experienced a remarkable transformation, driven by the unstoppable rise of insurtech. This merging of insurance and technology has brought about a new era of innovation, empowering insurers, and policyholders alike. By streamlining processes, enhancing customer experiences, and leveraging cutting-edge technologies, insurtech is reshaping the insurance landscape at an astonishing pace. Let’s delve deeper into this revolution and explore how technology is revolutionizing the insurance industry. Automation and Efficiency: Insurtech solutions have significantly impacted the insurance industry by automating processes that were once manual and time-consuming. According to a report by McKinsey & Company, automation can reduce administrative costs by up to 50%. Tasks such as policy issuance, underwriting, and claims processing can now be performed swiftly and accurately using advanced technologies. This saves time for both insurers and customers while improving overall operational efficiency. Data Analytics and Personalization: Insurtech leverages data analytics to gain valuable insights into customer behavior and risk profiles. Insurers can analyze vast amounts of data to develop more accurate risk models and make informed underwriting decisions. This data-driven approach allows insurers to tailor policies to individual needs and preferences, providing customers with personalized coverage options. According to a survey…
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E-commerce Business – What Advantages the Insurance of Goods Brings to It
In the last few years, online trade /e-commerce/ in Bulgaria has seen significant growth from year to year. According to information published in Capital by the Bulgarian E-commerce Association (BEA), citing data from the “Passport of the e-commerce industry in Bulgaria 2022”, the expected growth in B2C (business to end user) for 2022 is 30% and a volume of 1.64 billion EUR compared to the previous year 2021. The trends are this percentage to grow. Together with this, the expectations and demands of the buyers towards the Internet merchants are increasing. According to statistics, the most frequently purchased goods are: clothes, shoes and accessories. Sports goods. Furniture and home goods. Consumer electronics and equipment (laptops, phones). The delivery methods chosen by users are: door delivery (63.83%). Courier office delivery (32.66%). Pick up from physical store or courier locker (3.50%). In relation to these trends, below we will address the important aspects of ensuring the risks that exist for online stores and consumers when the goods are sold, shipped and delivered. Most of the goods listed above tend to be expensive, light, fragile, and susceptible to getting wet, damaged, or missing. Therefore, online traders should ensure shippers provide adequate compensation…
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Carrier’s Liability under CMR Convention
1. What is „Carrier’s Liability Insurance (CMR Liability Insurance)” Carrier’s Liability Insurance (CMR Liability Insurance) is a type of insurance coverage for carriers (trucking, shipping or transportation companies). It provides protection against financial losses incurred due to damage or loss of goods during transit. This insurance covers the carrier’s liability for loss or damage to the goods. Up to a specified limit, as defined in the CMR Convention. Convention on the Contract for the International Carriage of Goods by Road is an international treaty that defines the rights and obligations of carriers and consignors. The CMR insurance helps to ensure that the carrier is protected against potential financial claims. By the consignor or the consignee in the event of loss or damage to the goods. 2. Is CMR Liability Insurance a must for every transport company? There are several reasons why this kind of insurance product became a must in the field of logistics: Legal/Contractual obligation. Under most contracts for carriage, carriers are legally obliged to have insurance coverage for the goods they transport. Financial Protection. This insurance provides financial protection to carriers in case of loss or damage to goods during transit. It helps carriers to cover their…
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Social Dumping: Protection, Prevention, and Best Practice for Carriers
A quick guide on prevention options and potential hazards for hauliers transporting goods to or from the UK
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Does transport mediation deliver solutions tailored to the dynamics of the logistics industry?
Unfortunately, cargo theft is an increasingly common occurrence in the daily life of carriers. Even just one such event could have significant negative consequences for transportation companies. It is for these reasons that this article will focus on cases that are repeated many times in practice. We will also address useful preventative measures that can be taken to reduce the chance of such events occurring.
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What are the dangers and prevention opportunities for carriers when carrying cargo to the UK?
A quick guide on prevention options and potential hazards for hauliers transporting goods to or from the UK
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