nShift Insurance Helps Retailers Cut the Cost of Lost, Damaged or Stolen Deliveries
8.10.2024 10:34:00 CEST | Business Wire | Press Release
Retailers are staring at an ever-increasing black hole in their bottom line when it comes to covering the cost of lost, damaged, or stolen deliveries. Over half of consumers say they receive damaged goods each year1, which soon adds up for retailers. The typical insured loss for damaged packages is €218, and insured missing packages typically cost €2952.
That’s why nShift, the global leader in delivery & experience management (DMXM), provides online retailers, brands and webshops with a simple insurance offer.
Retailers can be swiftly refunded for items that are lost, stolen, or damaged in delivery. nShift Insurance is an alternative to the policies offered by carriers, whose terms can vary considerably, and often involve long settlement times. This enables them to provide better service to their customers, build loyalty, and reduce operating risks.
More and more ecommerce purchases are either stolen or damaged before they reach customers. “Porch piracy” - the theft of parcels left in doorways and other “safe places” - increased 57% in 2023 with estimated losses of €236m (£200m) in the UK alone.3 According to data from Cover Genius, the cost of replacing an item is 4% higher compared with the original cost of shipping it.
Maarten Tops, Product Director at nShift said, “The time and cost of replacing lost, damaged, or stolen deliveries is set to worsen as the ecommerce market grows. While many carriers offer insurance of their own, the terms and conditions vary considerably, and it can take a long time for payouts to be handled. nShift Insurance is based on industry-leading underwriters and offers coverage that is tailored to the needs of ecommerce companies – across all the carriers they use.”
Benefits of nShift Insurance
nShift offers insurance across its delivery management portfolio, including nShift Ship, Delivery, and Transsmart. Benefits to retailers include:
- Simplified process - carrier-agnostic, global protection covering all available carriers
- Greater customer loyalty - through a seamless claims process that offers faster payouts and speedier replacements
- Tailored protection options - so retailers are adequately protected for the products they sell
- Convenience - fully embedded into a merchant’s working processes (such as booking and label printing)
- No minimum wait times to submit claims - investigations are started without having to wait for carriers marking parcels as lost or damaged
- Rapid payouts for approved claims - nShift Insurance aims to complete 95% of claims within three days of claim filing
- Reimbursements relative to loss - equal to the full retail value of lost, stolen, or damaged goods
- Tailored protection options - that can be attached in-path or at an account level
Maarten Tops continued, “Online retailers and carrier companies typically take great care to ensure that customers receive their items in great condition. But accidents happen. For ecommerce and retailers, nShift Insurance gives more control, and better peace of mind.”
Part of nShift’s delivery & experience management (DMXM) suite of solutions that link brands with customers, nShift Insurance is available for Delivery, Ship, or Transsmart customers. Find out more about nShift Insurance.
About nShift
nShift’s delivery & experience management (DMXM) platform drives ecommerce success. Grow beyond limits with constant innovation and the world’s largest carrier network. Build customer loyalty with end-to-end tools that enhance experience. Unify data into usable insight that connects and optimizes processes. With nShift, make delivery the essential link between your brand and your customers.
nShift. Worry less. Ship smarter. www.nshift.com
Time savings are based on average resolution times (i.e. the duration from initial filing to completed payment) for all XCover shipping protection claims as at May 31, 2022 (sample size = 868) compared with the industry average time including payment settlement (min. 6 days) and period to acknowledge a filed claim.
1https://www.amcor.com/insights/blogs/how-much-a-damaged-pack-can-really-cost-your-business
2 Based on claims data from nShift partner, Cover Genius
View source version on businesswire.com: https://www.businesswire.com/news/home/20241008855559/en/
Contacts
James Ellerington: James.Ellerington@fourteenforty.uk / (+44) 07725 534941
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