On RevenovaTMS, Falvey Insurance delivers real-time policies for freight shipments
Bannockburn, Ill. – “Freight is constantly moving,” says Brett McGinnis. “Everything we wear, everything we eat, everything we buy, everything material in society as a whole comes via truck, ultimately.”
McGinnis works as an Executive Vice President for McGriff Insurance Services, a national insurance broker in the transportation and logistics industry.
“In the freight brokerage space, we tend to partner more towards the national brands of freight brokers and 3PL’s with high-value GFR – so gross freight revenue – and for all of those we work in partnership to develop and structure their insurance programs,” McGinnis adds.
McGriff works with Falvey Insurance to provide insurance programs to a variety of customers across the freight industry. McGinnis emphasizes Falvey is always looking forward.
“They have the foresight to understand that ongoing service and technology are paramount to the product that they’re delivering to our clients and their ultimate customer experience, and most of their competitors in the space lack both of those things: as those competitors typically provide insurance paper, a rate and then cross their fingers that it’s going to be successful,” McGinnis continues. “Falvey goes so many steps further because they participate as partners to make it successful.”
“Our CEO Mike Falvey has long had this vision with the transactional shippers interest product, and especially the role that technology will play in delivering these policies,” Jay Jeannotte, the Vice President of Shippers’ Interest at Falvey Insurance Group, said. “From our end, we see [insurance in this industry] continuing to be more fully automated.”
Revenova Product Manager Alyssa Norcross has undertaken the partnership between Revenova and Falvey. She and McGinnis both note how important the partnership is for Revenova customers and Revenova’s customers’ customers.
“It’s a very hand in hand partnership,” Norcross says.
“For those customers that are using [the Falvey integration], they use it again and again and again because they see the value that it brings to their customer,” McGinnis emphasizes. “They love the opportunity to be able to book [the insurance] without having to leave the Revenova site, exit, get something done and come back to the site. The whole goal is that everybody’s always within that platform 100% of the time, so it’s worked well.”
As Jeannotte explains, Falvey provides an API integration with transportation management systems (TMS), such as RevenovaTMS.
“That really facilitates the ease of use in transacting these all-risk cargo policies,” Jeannotte says. “We take a look at these programs, and we’ll set up universal rates and terms and then either integrate with their software or utilize our customer portal to offer their customers this coverage on a shipment by shipment basis.”
As a customer relationship management (CRM)-based TMS, RevenovaTMS provides the Falvey package at the click of a button.
“Being able to have this product right in the TMS where the customer can click a button and get a rate in milliseconds and then a policy delivered to them in milliseconds is monumental,” Jeannotte says. “Everyone hates waiting around for underwriters to come back with a quote or having to go to a different portal to re-enter all this information. This industry moves so quickly, so I think speed – when it comes to insurance on the front end – is one of the most important factors.”
Both Jeannotte and McGinnis credit RevenovaTMS for the speed with which customers can file claims and policies.
“It’s just the ease of use, ease of setup with Revenova, I think is one of the best features,” Jeannotte notes. “Additionally, just the ability to customize on an individual account level is one of the main differences between RevenovaTMS and other TMS’s.”
“I see that more and more coverages will be transacted on a streamlined basis, no different than what we do with Falvey in Revenova,” McGinnis predicts.
“An automated claims processing is not something that’s handled, usually, on platform,” says Norcross. “It’s usually a manual process, so RevenovaTMS alleviates that. Plus, the power to have your customers be able to enter the claims is really huge as well. That’s all, right now, done via email or phone call, so that will alleviate some of the back office frustration.”
Watch Revenova’s exclusive interview with Jeannotte and McGinnis below: