The last few years have become the perfect storm for freight claims. With greater volume heading to more varied destinations during the COVID-19 pandemic and labor shortage concerns that continue today, the abundance of shipments being damaged or lost has risen significantly, as have the freight claims that go with them. The rising costs of products across the board have meant that freight claims are higher, and any thoughts in the past of absorbing the cost that comes with lost or damaged freight are long gone.
Added to this costly mix is that freight rates are falling after record highs during the pandemic. That means there is more belt-tightening across all facets of shipping, including freight claims management. With a thinner profit margin, the money recouped in a freight claim has extra significance.
What is Freight Claims Management Software?
In the world of freight claims management, the software is practically indispensable. Freight claims management software is a cloud-based solution that lets businesses manage and automate their entire freight claims process, from the filing of a claim to the tracking of its progress to the resolving of the issue as swiftly as possible. The software also helps with data analysis and other administrative tasks. Other features that the software provides include setting up automated alerts and providing real-time visibility throughout the process.
There are three tools that freight claims software harnesses to give shippers an analytics advantage:
- Integrated data management
- Actionable analytics to optimize operations
- An easily navigated management platform
Over the next few minutes, we will dig into these three benefits so we can better understand the value of freight claims management software with integrated analytics.
Integrated Data Can Provide an Overhead View of Operations
The great thing about integrated data is that it combines information from many different sources to provide freight claims operations with the bigger picture. With the number of freight claims rising and the costs of those freight claims also soaring upward, shippers are dealing with a much more complex freight claims world and need to maintain greater visibility. This is where a freight claims software can come to the rescue. It can provide an overhead view of the freight claims processes to help keep track of the many claims. Here are some specific uses:
- Analytics can show the number of open claims, which makes it easier to keep track of them and make sure they are not lost or forgotten.
- The analytics allow for the claims to be put in order by date, making it a breeze to better prioritize those that have been open the longest.
- When the claims have been settled, it’s easy to track them with analytics. Shippers can close with confidence and have an easy way to make sure they have been reimbursed.
- All of this ability to see the claims in greater detail with analytics allows the shipper to collect, organize, and closely examine the data of all claims to spot trends. They can more easily recognize carriers more prone to claims or a particular lane more susceptible to lost or damaged shipments.
Deadline Tracking Analytics Can Reduce Stress
Freight claims involve documentation and deadlines. Staying on top of both of them is essential for a claims management team, especially when it comes to the Carmack Amendment. This regulatory measure allows a shipper to recover damages from a carrier for only loss or property damage during the transporting of a shipment, and the minimum amount of time a carrier can require for filing a claim is nine months from the date of delivery or, in the case of loss, nine months from a reasonable delivery date. The liability is on the carrier unless it can prove it is not responsible. With deadline tracking analytics, shippers can stay in line with the Carmack Amendment deadlines and make sure all of the documentation is prepared and ready. That documentation — which should include a bill of lading, invoice, certificate of origin, an import and export license, export packing list, and insurance certificate — can get complicated. With an automated system and tracking analytics, you and your partners can instantly see the documents’ state and where they are on the path to reconciliation.
A Streamlined Interface Ensures Actionable Analytics Are Accessible On-Demand
Analytics are only extremely useful if they can be integrated and combined with actionable insights to create a more streamlined model or dashboard. It allows shippers to see not only the numbers but also what they mean and what greater significance some numbers have over others. They can become a way for shippers to have a real-world understanding of the freight claims process and optimize freight claims operations. It can help highlight tendencies that need to be redirected or point out areas where there are regular occurrences of freight claims, with the intent of reaching exceptions-free shipping one day.
Turn to FreightClaims.com to Harness the Power of Analytics
Freight claims have gone from almost being an afterthought to a vital way for companies to improve their bottom line. The freight claims management landscape has also been altered by using analytics that can bring greater visibility. Freightclaims.com has features like integrated data, deadline tracking, and a streamlined interface that have made understanding the complex world of freight claims easier. With phenomenal, cutting-edge freight claims management software, FreightClaims.com lets you manage freight claims from start to finish. Once the details of your claim have been entered, our software will help you until the claim is settled. You can organize pictures, shipping documents, and communications and meet deadlines from one user-friendly platform. Check out our website and request a demo.
