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UPS Capital offering shipment-based insurance through AscendTMS

Users can purchase insurance coverage online based on what each load needs

Customers of AscendTMS and UPS Capital can now easily acquire shipment-specific insurance through the transportation management system (TMS) with just a few keystrokes.

UPS Capital, a subsidiary of UPS (NYSE: UPS), is now offering the option for AscendTMS users to help them fill gaps in coverage.

“We are offering a better option — a true insurance solution to cover the full value of goods,” Mark Robinson, president of UPS Capital, said in a statement. “Our goal in working with AscendTMS is to provide businesses a frictionless, digital way to protect their shipments against loss and damage.”

According to UPS Capital and InMotion Global, makers of AscendTMS, the offering provides new insurance options for small and midsize businesses (SMBs). Using the AscendTMS system, a user is able to request a quote for added insurance coverage as needed, review the terms and get approved in less than 10 seconds.

“We have given our customers multiple options depending on their risk appetite and the coverage they desire or need,” said Tim Higham, president and CEO of InMotion Global. “If the carrier has provided them with $100,000 of coverage and they need more, we can now offer several options to fill the gap if the load is valued higher.”

UPS Capital offers insurance policies for occasional shipments, small packages, large cargo and coverage for high-value goods.

The program “mimics gap coverage,” the companies noted, allowing the user to tailor coverage as needed. The benefits cited include coverage that pays on the occurrence of a loss regardless of carrier fault, and limits and coverages tailored for SMBs.

Robinson said that as TMS platform usage grows, with the market expected to reach $4.9 billion in sales by 2025, it is important to craft solutions that meet the needs of users.

“With the exponential growth in these platforms as well as e-commerce platforms, UPS Capital is looking to meet shippers where they transact,” he said.

AscendTMS and UPS Capital will present a free 30-minute webinar on Wednesday at 2 p.m. to explain the offering. Click here to register.

Trucking payroll services added to AscendTMS

InMotion Global also recently announced the addition of trucking payroll services to AscendTMS.

The platform will leverage the payroll expertise of Superior Trucking Payroll Service. Superior customers, including carriers, freight brokers, 3PLs and shippers, will receive a free premium subscription to AscendTMS.

Higham said that over the past two years, payroll-related questions have been the No. 1 subject area of interest for AscendTMS users.

“Driver payroll is the most complex and difficult process to get right at any trucking company because there are so many moving parts,” he said. “There are often pay items from prior payroll periods that need to be added to the current payroll; There may be holdbacks for equipment leases or loans made to drivers, different pay methods for owner-operators versus company drivers, various driver pay scales and methods, and dozens of additional driver pay items at each pickup or drop-off based on need.”

Mike Ritzema, CEO of Superior Trucking Payroll Service, said his company not only offers payroll services, but also consulting and company experts are available to answer any payroll accounting and tax questions as needed.

“Drivers that receive accurate and timely payroll are the happiest drivers, and that dramatically reduces driver turnover for our customers,” he said.

Click for more FreightWaves articles by Brian Straight.

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Brian Straight

Brian Straight leads FreightWaves' Modern Shipper brand as Managing Editor. A journalism graduate of the University of Rhode Island, he has covered everything from a presidential election, to professional sports and Little League baseball, and for more than 10 years has covered trucking and logistics. Before joining FreightWaves, he was previously responsible for the editorial quality and production of Fleet Owner magazine and Brian lives in Connecticut with his wife and two kids and spends his time coaching his son’s baseball team, golfing with his daughter, and pursuing his never-ending quest to become a professional bowler. You can reach him at [email protected]