Five ways the top earning freight businesses grow their FreightInsure revenue

Every consignment your customers book has the ability to earn you revenue on the insurance cover that's attached. Over a year, that is a real revenue line on your books.

How much it earns comes down to a few specific things: how cover gets attached to a consignment, what it is worth, how your team offers it, and how closely you watch it. The freight businesses at the top of our book do all of them.

Here are the five, and how to set each one up.

1. Turn on a base level of cover by default

Believe it or not, your customers are looking to have their goods protected in the event of loss or damage. By setting a base level of cover that applies to every eligible consignment you book, it can give them peace of mind and you, a new revenue stream. FreightInsure attaches cover the moment a consignment is created, automatically (we'll get the tech smarts done for you behind the scenes).

This is the biggest single lever on your insurance revenue. 7 of our top 10 partners by premium, earn the vast majority of their policy volume from cover that applies by default.

This does two things. It generates insurance premium on every consignment, including the ones that book machine-to-machine without a person involved. And it changes the experience for your customer. Many of the everyday knocks and bumps, a damaged pallet, a crushed carton, are covered as standard, with no excess to pay on a covered claim. That can mean fewer difficult conversations for your team, with all claims managed by us typically in a few days, and a customer with one less reason to leave.

How to set it up:

• Chat to FreightInsure, a 30 minute conversation is all we need.
• Decide the base cover level that suits the freight you move most often.
• Set it as the default in FreightInsure across your booking flow.
• Tell your customers what is now included, in plain language, so the value is visible.

The base level is your floor. Every eligible consignment carries at least this much cover and generates insurance premium the moment it's booked.

2. Add rule-based cover for the value of the goods

Default cover puts the same set amount on every eligible consignment. Rule-based cover is the second automatic option. For any consignment that matches a rule, FreightInsure covers the value of the goods, up to the policy limit, instead of the flat default.

It runs the same way the default does; automatically. A consignment that matches the rule, set by your customer, is covered for what the goods are worth, so your customers' more valuable freight is not left sitting under a flat amount. Rules can be set to meet your customers' requirements, and may include:

• Certain product SKUs
• All goods above a certain value
• All goods travelling in a certain geography

There's huge flexibility around this and your customer gets to decide how best to apply it.

Across a book that carries both everyday and high-value freight, it raises the average value of your policies, and like default cover, it applies automatically.

3. Tie enrolment to your sales team's targets and rewards

The default and rule-based cover give you the capability. Getting customers enrolled is a separate job, and it grows fastest when your sales team is incentivised to do it.

Cover can only apply once your customers are enrolled. Enrolling a customer into FreightInsure gives them the opportunity to obtain cover; it is not a policy sale. Your sales team already speaks to those customers every week, so the quickest way to lift enrolment is to make it part of what they are measured and rewarded on, alongside freight volume and new accounts. When enrolments count toward targets and carry an incentive, the team enrols more.

Ways to line up the motivation:

• Add an enrolment target to each rep's existing sales goals.
• Attach a reward to each customer enrolled into the FreightInsure program, not to policies purchased. For example, enrol 10 customers and earn $X reward.
• Report enrolments per rep and review them like any other sales number.

Once enrolment sits on the scorecard next to freight volume, more of your customers have cover available to them.

4. Show the value of cover at the point of quote

When a customer books through your booking portal, this is a good moment to show what cover is worth and give them the ability to add more.

Present the FreightInsure premium inside the freight quote, as one line in the total they already see. Priced alongside the freight cost, cover reads as part of what they are buying. Shown that way, more customers take it up.

The UI is the one place a customer weighs cover for themselves, so it is worth presenting well. Need a hand understanding this in practice? We've got plenty of easy to apply UIs to make your job easy.

5. Manage cover like a revenue line

The commission you earn through FreightInsure behaves like any other revenue line, and it responds to attention.

The long-tail of your customer base is usually where default cover settings have the most room to move. We'll assist you with the marketing comms to them, positioning it as a true value add.

The attach rate can show you where the next bit of upside sits: a customer segment with low enrolment, a customer who would benefit from rule-based cover, or a base level that has not kept pace with the goods being shipped.

Where to start

To set any of this up, speak to your FreightInsure contact about how default and rule-based cover fit your freight, and how to switch them on.