Verisk Unveils CargoNet RouteScore API to Tackle Cargo Theft

Verisk Launches CargoNet RouteScore API to Enhance Cargo Security

Cargo theft has become a significant concern in the transportation industry, with losses in the U.S. projected to increase dramatically. With 2024 expected to see a rise of 25 percent in cargo theft incidents compared to the previous year, the urgency for effective solutions is greater than ever. In response to this growing issue, Verisk, a key player in global data analytics and technology, has unveiled the CargoNet RouteScore API.

Introducing RouteScore API

The CargoNet RouteScore API is designed to substantially reduce the risks associated with cargo theft. By leveraging a proprietary algorithm, this innovative tool generates a cargo theft route risk score that offers a relative probability assessment of crime and loss occurrence along transportation routes in the U.S. and Canada. This groundbreaking approach harnesses analytical prowess to help companies make informed decisions about their cargo security.

How RouteScore API Works

RouteScore operates by evaluating multiple factors that contribute to cargo theft risks. Each route is assigned a score between 1 and 100, where a score of 1 indicates minimal risk and a score of 100 signifies a high likelihood of theft. The algorithm considers various critical elements such as the type and value of cargo, length of the journey, the origin and destination points, and even the day of the week. It also takes into account historical theft data from truck stops along the route, giving users a comprehensive understanding of potential vulnerabilities.

Actionable Insights for Safer Deliveries

Ryan Shepherd, general manager of Verisk’s CargoNet, emphasizes the importance of the RouteScore API in empowering the transportation sector. He states, “RouteScore exemplifies our commitment to helping the industry manage and mitigate risk.” By providing detailed and actionable insights, Verisk helps organizations navigate the complexities of cargo transportation, thereby promoting the secure delivery of goods.

Proactive Measures

For instance, if a route receives a high-risk score of 98, companies may take immediate action to enhance security. This could involve implementing advanced tracking systems, deploying driver teams, utilizing escort services, or securing safe parking areas in advance. Such proactive measures serve to not only protect assets but also strengthen overall operational integrity.

Integration with Existing Systems

The CargoNet RouteScore API is available in a format that allows seamless integration with third-party Transportation Management Systems (TMS) and other proprietary platforms. This compatibility ensures that companies can easily incorporate the RouteScore insights into their existing workflows, enhancing their risk management capabilities. Furthermore, organizations operating within supply chain risk management, fintech, insurtech, and telematics can also leverage this innovative solution.

Verisk’s Commitment to Security

Verisk’s dedication to enhancing security within the transportation and insurance sectors is evident in its development of solutions that address real-world challenges. The introduction of the RouteScore API not only showcases the company’s technological advancements but also reinforces its role as a trusted partner in mitigating risks associated with cargo theft.

About Verisk

Verisk (Nasdaq: VRSK) stands as a leader in providing strategic data analytics and technology tailored for the global insurance industry. Its mission is to empower clients in enhancing operational efficiency, improving underwriting and claims outcomes, combating fraud, and making insightful decisions regarding a variety of global risks. With a reach across more than 20 countries, Verisk continues to build resilience in communities and businesses alike.

Frequently Asked Questions

What is the CargoNet RouteScore API?

The CargoNet RouteScore API is a tool developed by Verisk to assess cargo theft risks along transportation routes using a scoring system from 1 to 100.

How does RouteScore enhance cargo security?

RouteScore provides actionable insights that help companies implement security measures based on risk assessments, thereby reducing the likelihood of theft.

What factors are considered in the RouteScore assessment?

Factors include cargo type and value, haul length, origin and destination specifics, and historical theft incidents at truck stops.

Can the RouteScore API be integrated with existing systems?

Yes, the RouteScore API is designed for easy integration with third-party Transportation Management Systems and other platforms.

How does Verisk support the insurance and transportation industries?

Verisk offers advanced analytics and technological solutions that improve risk management and operational efficiency across these industries.

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