Marine Insurance online

Marine cargo insurance, or transit insurance requires that the policyholder makes regular declarations to the insurer about the trips that they are insuring. This can differ based on the type of cargo insurance policy that is being issued, but fundamentally documenting trips is an important part of marine transit insurance.

Now this can be a cumbersome process, as the logistics and shipping industry tends to be very busy, and often the time and effort taken to declare can be cumbersome, or at best, better used somewhere else.

To solve this problem, we introduce the perilwise marine insurance API

What is it?

It is, in effect, a solution for any company that takes a marine insurance policy, to automate their insurance process completely.

The API can be plugged into your MIS or any system you use to manage your shipping/transit, and can automatically capture the required data.

This data is then sent to the insurer on an agreed timeline. The API captures trips as they start, and as they end, so only once a trip is completed is it declared to the insurer. Cancelled trips are automatically filtered out of declarations.

In case you have a marine open policy or a marine turnover policy, the API calculates your trip wise rate and tells you how much balance sum insured is left.

In case you have a marine specific voyage policy, there are APIs that indicate the price of the specific trip, based on the rate.

The perilwise policy manager suite also has this facility built in, so if you don’t have your own system for managing shipments, perilwise’s dashboard will allow you to load trip data in csv format, after which the system works its magic!

We also have APIs built in for claim intimation; if any trip results in an accident, or a claim event, just signal that to us, and we will inform the insurer, and coordinate with you and the surveyor.

Who is it for?

Essentially any business that takes a marine policy can use this API set. Examples include:

  • Logistics aggregator, who puts shippers in touch with truckers.
  • A manufacturing company
  • Logistics operator/packers/movers
  • Freight forwarder, IATA agents or consignment agents
  • Distributors, stockists, etc.

How does it work?

The Perilwise marine insurance API solution has two parts to it: The policy, and the API integration

The Policy

Our experts sit with you to understand your transit insurance requirements and propose the best options to manage your insurance needs. We have tie-ups with every general insurer in the country, and provide you the most holistic options for goods in transit insurance at the best rates.

Once you have selected the correct marine cargo insurance policy and its terms, its loaded onto our system.

API integration

We provide the APIs to your tech team while we are working on quotes for the policy, to work in parallel. Once the policy has been finalised, out tech team takes a day to initialise your credentials, and load your policy details.

Perilwise add contact details of your insurer, etc in the backend, so your solution is ready to go!

API documentation

We share detailed documentation and parameters, and also connect with your IT team, to decide the best way to integrate with your system. A basic overview of the API documentation is given below, and more detailed documents are shared upon request.

The API package has three routes for marine cargo insurance policy/certificate issuance; one each for creating completing and cancelling a trip.

  • Createtrip, for creating a trip
  • Canceltrip, for cancelling a trip, and
  • Completetrip, for completing a trip

The createtrip method is called at the point where a trip begins. The createtrip method captures all the relevant details including the nature of goods shipped, the invoice value and the unique trip ID that your organization works with. Our algorithm checks the following:

  1. The price that of insurance for the one trip.
  2. Whether the amount of pre-paid premiums will be enough to cover the insurance for the trip
  3. If the final premium falls below a threshold, a notification to the customer and the Perilwise Ops team to pay an additional premium to ensure continuous coverage

The trip details are stored in the database (where you can remotely monitor the insurance components of the trips)

The canceltrip and the completetrip routes are called when the trips are cancelled or completed. Cancelled trips will leave no impact on the sum insured and the premium balances while completetrip will reduce the sum insured and the premium balances as per the invoice value of the goods that have been shipped.

Updates to this API set include routes for following up on a claim and obtaining the status of claims under process. Watch this space for updates, releases and more!

You can request access to the API docs(and get a free audit of your transit insurance requirements) by contacting us below. To know more about marine insurance, you can read more about our offerings in the space.

Contact Us

Find us at the office

3/2 'D' Brahmin Street,
Chennai 600116.

Give us a call