Simplifying marine insurance process through Enroute

Policybazaar for Business has introduced Enroute, a platform designed to simplify marine insurance operations. The issuance of certifications and declarations, a process that was traditionally time-consuming, can now be completed in just a few clicks. The platform is expected to simplify insurance certificate generation for shipments using customer-provided details. Eventually this allows them to easily declare monthly shipments or generate certificates via WhatsApp or the portal.

Arpita Suyal, Senior Product Manager – Marine Insurance, Policybazaar for Business speaks about the platform and its benefits for the industry stakeholders in an interaction with Thought Habitat.

Edited Excerpts:

These days we see a lot of geopolitical tensions and stakeholders lose money in the process. How is Enroute resolving this issue?

Geopolitical tensions, such as war, piracy, strikes, riots, and civil unrest, can cause a significant risks to goods in transit. However, these risks can be mitigated through appropriate coverage under a Marine Insurance Policy. By ensuring that transit details are declared and an insurance certificate is obtained via Enroute, any losses resulting from these factors will be covered.

What technologies are involved in facilitating this service?

We are using a diversified Tech-stack using advanced technologies starting from product conceptualisation, solution providing, development, delivery and managing of the project. This involves all advanced tools across product management, research, development on front-end side, back-end side, database, date-lake, robotics process automation (RPA), AI, NLP etc.

What sort of measures are taken to avert cyber risks?

We ensure the safety and security of the information at the utmost priority. As a part of the PB Fintech Ltd group, we implement advanced security measures and cutting-edge tools to ensure that data remains confidential and fully protected.

How flexible is the coverage?

Marine insurance offers predefined coverage that covers majority of the risks businesses face. However, for specific risks or coverages related to particular goods, types of transit, or business needs, it is advisable to consult with the insurance provider. In many cases, additional coverage such as temperature sensitivity, over-dimensional cargo, bulk cargo, or war coverage can be included.

Moreover, with Enroute, we are planning to introduce a wide range of features in the future that will provide customers with enhanced visibility of their goods and a comprehensive understanding of the risks involved in their business. These improvements will significantly benefit customers in managing and mitigating potential risks involved in their business.

In conclusion

Enroute is designed to evolve with consumers’ needs, ensuring continuous improvements in usability and functionality. The software can be seamlessly integrated with your existing invoice generation or supply chain management systems, which eliminates the need for manual declarations and certificate generation. By automating these processes, it enhances efficiency, reduces errors and ensures a smoother workflow, and sets a new benchmark in marine insurance operations.