Supply chain disruption insurance is difficult to navigate.
- Businesses have historically protected themselves financially from supply chain disruptions by purchasing insurance as part of other coverages for property (contingent business interruption; CBI), cyber (CBI) or cargo (trade disruption; TDI) insurance, but the insurance market has written this coverage with low limits, and as a result, enterprises have struggled to procure adequate coverage to protect their businesses.
- To underwrite supplier network risks at a level that meets market demand, insurers require more accurate information on direct suppliers as well as visibility into dependencies on indirect suppliers, their locations, and the materials they supply.
- Insureds, brokers, insurers, and reinsurers lack a common operating picture of a company’s supplier network risk due to the scale, complexity, depth, and interconnectivity of supply chain networks and thus, uncertainty around the likelihood and severity of loss that is required to determine, pricing and terms of coverage.
But, a dynamic picture of a company’s supply chain risk profile creates visibility.
- You can have a trusted supply chain network view from the outset looking at multi-tier value chains—from the finished products back to their raw materials and all the entities and facilities along the way.
- This creates visibility into factors that contribute to insurance risk, using advanced AI and machine learning techniques to resolve and analyze the complexities of supplier networks at any resolution— including individual facility, company and portfolio scales— based on material flows and geographic locations.
Altana provides insight into supplier networks with the world’s most complete map of the global supply chain, allowing corporations to proactively manage their supply chains and insurers to align coverage with areas of financial risk.
- Risk Preparedness: Use AI and Altana’s network graph of the global supply chain to benchmark a company’s supply chain resiliency against their peers and simulate the impact of events on a given company or industry.
- Anticipate where insureds or prospective insureds may have exposure
- Align insurance with business needs and champion proactive risk mitigation
- Understand details on facility locations, flows of goods, points of transit, and corporate structure to focus on specific risk factors
- Understand accumulated exposures across a portfolio of insureds
- Supplier Discovery: Manage suppliers using unparalleled supply chain intelligence.
- Search for suppliers and product components across 530 million companies, connected by billions of shipments
- Automatically consider operational changes to mitigate the risk of disruption, including adding alternate suppliers or engaging indirect suppliers
- Target insurance to specific network risks transfer the financial risk
- Value Chain Monitoring & Collaboration: Monitor and manage value chain networks as the supply chain and geopolitical landscape evolves.
- View a dynamic map of the global supply chain and track how goods flow throughout multi-tier networks from facility to facility as well as how the buyer-supplier relationships between entities evolve over time
- Companies can proactively manage their supplier networks and realize the benefits in their insurance coverage while insurers get greater visibility into supplier networks in order to match coverage to market demands
- Collaborate internally and across the value chain using secure, shared workspaces to share reporting data, demand signals, and other critical information