Rethinking Transportation And Logistics Supply Chains
January 12, 2024 at 01:09 pm EST
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Practical perspectives on supply chain challenges facing transportation and logistics.
The transportation and logistics sector has proved resilient, switching modes to keep goods moving, recognising how any disruption can have significant ripple effects on all other sectors of the economy.
Lloyd's and WTW have collaborated to survey 100 transportation and logistics companies and conduct a further 79 interviews with industry professionals, insurance practitioners in the Lloyd's market and WTW specialists. Combining these perspectives with proprietary data and reports, thought leadership and third-party analysis, Lloyd's is publishing On the move: Rethinking transportation and logistics supply chains through its Futureset platform to help build further resilience in this critical sector.
Rethinking transportation and logistics supply chains seeks to understand the sector's risk drivers and where insurers might fill protection gaps, providing practical perspectives on overcoming the supply chain challenges facing transport and logistics today.
On the move: Rethinking transportation and logistics supply chains - Key findings
Transportation and logistics companies want a global supply chain insurance product or end-to-end supply chain policy, with 92% of transportation and logistics companies saying insurance for supply chain risks was either mission-critical or necessary.
The risk drivers of most concern to the sector include: sustainability, decarbonisation and environmental, social and governance (ESG), technology, labour, business model, regulation, and global trade, geopolitics and geoeconomic risk.
Decarbonisation and ESG are crucial factors shaping the landscape of the transportation and logistics industry, presenting an immediate opportunity for insurers and brokers to play a role in addressing uncertainty and supporting transition efforts.
Transportation and logistics businesses have heavily invested in risk management practices and are increasingly partnering with third parties to provide new data sources in the face of ongoing global change.
Rapid advancements in technology, such as automation, artificial intelligence, and the Internet of Things (IoT), offer significant opportunities for efficiency, connectivity, and innovation, while the integration of autonomous vehicles and drones introduces new liability and safety considerations for the sector.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Transportation and Logistics Systems, Inc. is a holding company. It is primarily an asset-based point-to-point delivery company. The Company operates through its subsidiaries, Cougar Express, Freight Connections, JFK Cartage, and Severance Trucking Co., Inc., provides a full suite of logistics and transportation services, specializing in e-commerce fulfillment, last mile deliveries, two-person home delivery, mid-mile, and long-haul services. The Company, through its subsidiaries, owns approximately 32 vehicles consisting of trucks, box trucks and vans, 14 trailers, and 15 forklifts. In addition, its operations utilize the services of independent contractors, who generally use their own vehicles, on an as needed basis. It has built its delivery services to perform effectively in the on-demand shipping environment that is part of the e-commerce fulfillment solutions system.