Claims - Introduction
The shipping industry, which transports more than 90% of the world’s cargo, is complex, volatile and constantly evolving. Wherever cargo is transported on a voyage, a wide variety of risks exist throughout the transport chain for the owner of the cargo. The claims range covers from loss, to damage resulting from an accident, to inappropriate handling, to theft and robbery in the case of marine transport. Claim cover against piracy and social risks are also becoming more important.
There is a need for an efficient workflow based software solution to register, manage, monitor, settle and calculate risk for budgeting cost of claims. The whole purpose of the claims module apart from managing claims is to understand the risk of shipment. The Claims module is coupled with a predictive analysis capability. This helps to add the cost of claims to the shipment based on historical data.
SVM Claims Management System
SVM Claims system is designed to streamline the claims workflow. The main type of claims that can be handled in the system are namely;
- Hull and Machinery (H&M) claims
- Cargo claims
- Container damage claims
- Other claims
This System is seamlessly integrated with supporting modules to feed the data thereby reducing data entry requirements and avoiding unnecessary data entry errors.
Hull and Machinery Claims
The Hull & Machinery claims handles all incidents involving damage or loss of insured vessels / machinery and equipment as well as property claims made by or pursued against third parties. H & M claims guides the user to capture all the required the damage details viz;
- Nature of damage
- Liable party
- Claim amount
- Survey details
- Recovery and Payment details
The system also handles raising Credit Notes, Debit Notes and any reversals required. It fully supports best practice enabling expertise to organizing and executing every aspect of risk management and claim handling at the highest levels of industry, technical and regulatory standards.
All parties involved are seamlessly integrated on common platform. This integration enables each party to view their part of the workflow and claims progress in secured manner. Further integration is possible using the DMS (Documentation Management System). This enables full documentation integration, creating a complete history of documents available on the fly at any stage. The system also supports Claims surveyors uploading photographs related to particular claims using mobile devices. This saves many man hours in claims process.
Container Damage Claims
Container claims handling process is connected to container shipment, maintenance & repair and claims life cycle based on a single source of truth. The Container claims functionality includes capturing container damage incident information, Incident location, registration of claims, and handling claim status, claim payment details. The system also supports the ability to identify the liable party so as to to claim the extent of damage from either the liable party or from the club.
The container claims solution has also been integrated with “Container Maintenance and Repair” for the claim estimation of container damage repair and maintenance activity. The Container Claims solution also has a provision for the allocation of recovery amount/s between client and its agency by applying different rules as applicable.
Other claims solution includes any other claim incident in vessel operation / port, which includes employee’s detailed information, claimant details, claim payment details and supports upload features of any incident details that support the claim.
Other Claims provides information about legal proceedings and supports solving the dispute/s among opposing parties. It also maintains various records about the payments, recoveries, and dues from different stakeholders involved.