Cargo Overcoming Objections Podcast1st October 2021
At NMU, we work closely with our brokers in order to understand their needs and develop insurance solutions and insight pieces which address their requirements. As part of our commitment to informing and educating brokers, we have created an overcoming objections series of podcasts; the first focussing on Cargo Insurance
Throughout the series we will be sitting down with some of our straight-talking professionals to analyse and discuss several lines of business, outlining some of the common cover objections that brokers receive from their clients and explain how to overcome these.
To kick off the podcast series, Sales & Development Manager, Nick Green sat down with our Cargo & Freight Underwriting Manager, Guy Smith, to discuss the current state of the cargo market, emerging trends and how to address common objections to coverage. You can listen to the podcast here or scan the QR code below using your phones camera app below.
What are the major issues facing the cargo market?
The biggest challenge the market is currently facing is the incredible strain on the logistics industry. Whilst economy has recovered well following the easing of lockdown and consumer demand for goods has been high, at the same time many warehouses, ports, forwarders and hauliers have found themselves short-staffed due to workers self-isolating. For the UK especially, the impact of Brexit and the changing regulations/requirements for import and export have created almost a perfect storm for disruption.
Another major issue is undoubtedly Cargo theft. While 2020 was a good year for insurers in this regard, it’s fair to say the criminals are well and truly out of furlough now. At NMU we work closely with industry bodies through our specialist Risk Control team and to assist in the education about cargo crime and how organised it has become, we issue regular articles in conjunction with BSI, which highlight current threats and trends. Our brokers are welcome to forward these to their clients.
Why should brokers look at NMU as a market for their Cargo & Freight business?
We offer brokers a fantastic all-round proposition for Cargo & Freight business and our with Cargo E-Trade product on Acturis aimed at the smaller end of the market, we are also able to cover large and complex risks.
One thing that has always set us apart is that Cargo is our core business. We’ve been established since 1982 in the Cargo space and have built an excellent team of specialists in Underwriting, Claims and Risk management. Having easy access to these specialists is a really important factor for our brokers, many of which deal with multiple classes and may not have much exposure to Cargo & Freight and can be presented with complex issues with not much time to resolve. Incidents such as the Ever Given which generated a lot of uncertainty for policyholders, really demonstrated the value of this.
Our ability to write the full range of risks, and service them, helps brokers and networks who are looking to consolidate their markets to give maximum negotiating power.
For more information about Cargo Insurance or our Acturis E-Trade solution, contact your NMU Trading or Development Underwriter.