HUB supply chain AI risk solutions
Let’s optimize your supply chain with one complete solution
Manage risk throughout the entire supply chain
The supply chain is the lifeline for many organizations and with that come many risks. From supply chain disruptions to inventory management and transportation logistics, there are many challenges in sourcing, manufacturing and delivering your products. Companies that view, track and proactively respond to disruptions in the supply chain will have a leading edge over their competitors.
HUB Supply Chain AI Risk Solutions offers a combination of insurance and technology to ensure you are protected throughout the entire supply chain. By integrating stock throughput insurance with data tracking capabilities and AI-enabled supply chain technology, you can optimize your operations and reduce your total cost of risk.
With the use of real-time data and tracking along with predictive analytics, you can replenish inventory dynamically based on changes within your supply chain. This allows you to leverage key suppliers, inform buying decisions throughout your organization and make adjustments to plan for inventory replenishment in a more sustainable way. These supply chain optimizations lead to lower waste, less fuel usage and help you scale your business.
Identify and respond to risks rapidly with innovative technologies
HUB Supply Chain AI Risk Solutions offers a multifaceted approach to manage supply chain risk and minimize disruptions. Adding state-of-the-art technology solutions to your stock throughput coverage gives you the insights needed to reduce your risks and obtain the best rates.
- Stock throughput insurance provides coverage for your inventory, from sourcing raw materials through the manufacturing process and continuing until the finished product has reached its destination. Unlike standard cargo coverage, stock throughput insurance provides seamless end-to-end coverage for your inventory under one policy, even when products are in storage or undergoing a production process.
- Integrated data and tracking: Seamlessly share data from technology components such as GPS tracking and temperature control systems to help lower your stock throughput insurance rates and total cost of risk. And, with AI-enabled technology, you get an accurate view of your inventory valuation from original manufacture through final delivery to take advantage of real-time insurance pricing based on your inventory’s current value, lower deductibles, and profit-sharing capabilities.
- Supply chain AI: With access to enhanced AI technology, you can further optimize your inventory management and take the guesswork out of demand planning. Our strategic AI partner provides real-time supply dynamics coupled with point-of-sale data for demand sensing and intelligent inventory replenishment.
HUB Supply Chain AI Risk Solutions provides peace of mind and protection against unforeseen risks at every stage of the supply chain and can help you optimize and accelerate your supply chain to increase profitability and resiliency.
Benefits of HUB Supply Chain AI Risk Solutions
- Mitigate potential claims, gaps in coverage or inadequate limits by using one policy and one carrier.
- Share your data to access lower insurance rates based on your risk profile and performance and secure additional savings with an AI-enhanced true valuation of inventory throughout the supply chain.
- Integrate real-time data to utilize supplier relationships more effectively, expedite inventory replenishment and modifications, and align real-time insurance coverage and limits within your risk profile model.
Ready to get started? Contact a HUB insurance and risk specialist today.
Supply Chain AI Risk Solutions FAQs
Stock throughput insurance (STP) is a type of marine insurance policy that covers a company’s inventory throughout the entire supply chain. STP covers all types of inventory including raw material, semi-finished and finished products.
Marine insurance provides protection for inventory, vessels and machinery while in transit over water, land or air. Cargo insurance, a subset of marine insurance, focuses solely on the goods being transported. Neither marine or cargo insurance offer additional coverage for products that may be in storage or production before reaching their destination
Stock throughput insurance is an essential coverage for any company that imports, exports or distributes goods, across industries including:
Agriculture
Automotive
Food & Beverage
Forestry & Wood Products
Life Sciences
Manufacturing
Retail
Transportation
Marine insurance provides coverage for goods in transit overseas or across inland bodies of water such as lakes or rivers. It also provides coverage against damage to inventory from fire, weather or loss at sea.
Consider your supply chain and production processes when selecting stock throughput insurance. If you are involved with storing or processing goods at any point throughout the supply chain, stock throughput will provide end-to-end coverage for damage or loss to those goods.
Stock throughput coverage is normally based on the minimum and maximum value required over the term of the insurance contract. Since stock throughput is insurance coverage on ocean, air, road and in warehouses, different modes carry different rates and risks.
HUB offers the ability to view the ever-changing flow of stock dollars across any mode within your business and base the cost of insurance across your true exposure in real time weekly. This will ensure you have the coverage you need without overpaying for coverage that you do not. Additionally, this also changes your cost of insurance to a true percentage of Cost of Goods sold and focuses clear oversight at changes in values that occur due to supply chain disruption.
HUB has partnered with ThroughPut.ai to support an additional upgraded service that leverages ThroughPut.ai’s predictive stockpiling functionality to optimize your inventory spend, reduce supply chain cycle times and improve the profitability and vitality of your business.