To Combat Mounting Cargo Theft, Verisk Launches CargoNet® RouteScore API
Verisk (VRSK) has launched CargoNet® RouteScore API, a new solution to combat rising cargo theft in the U.S., where 2024 losses are projected to be 25% higher than 2023's record levels. The solution generates risk scores from 1-100 for cargo routes across the U.S. and Canada, considering factors like cargo type, value, route details, and theft history at truck stops.
The RouteScore API uses proprietary algorithms and best-in-industry data to provide actionable insights for cargo security. High-risk scores can trigger enhanced security measures such as tracking devices, driver teams, or advanced parking arrangements. The solution is available in API format for integration with Transportation Management Systems and other platforms, including supply chain risk management, fintech, insurtech, and telematics systems.
Verisk (VRSK) ha lanciato CargoNet® RouteScore API, una nuova soluzione per combattere l'aumento dei furti di carico negli Stati Uniti, dove le perdite nel 2024 sono previste aumentare del 25% rispetto ai livelli record del 2023. La soluzione genera punteggi di rischio da 1 a 100 per le rotte di carico negli Stati Uniti e in Canada, tenendo conto di fattori come il tipo di carico, il valore, i dettagli della rotta e la storia dei furti nei punti di sosta per camion.
La RouteScore API utilizza algoritmi proprietari e dati leader nel settore per fornire informazioni utili per la sicurezza del carico. Punteggi di rischio elevati possono attivare misure di sicurezza potenziate come dispositivi di tracciamento, team di guidatori o accordi avanzati per il parcheggio. La soluzione è disponibile in formato API per l'integrazione con i sistemi di gestione dei trasporti e altre piattaforme, inclusi la gestione del rischio nella catena di approvvigionamento, fintech, insurtech e sistemi telematici.
Verisk (VRSK) ha lanzado CargoNet® RouteScore API, una nueva solución para combatir el aumento del robo de carga en EE. UU., donde se proyecta que las pérdidas de 2024 sean un 25% más altas que los niveles récord de 2023. La solución genera puntuaciones de riesgo de 1 a 100 para las rutas de carga en EE. UU. y Canadá, considerando factores como el tipo de carga, el valor, los detalles de la ruta y la historia de robos en paradas de camiones.
La RouteScore API utiliza algoritmos patentados y datos de primer nivel para proporcionar información útil para la seguridad de la carga. Las puntuaciones de riesgo altas pueden activar medidas de seguridad mejoradas como dispositivos de seguimiento, equipos de conductores o arreglos avanzados de estacionamiento. La solución está disponible en formato API para la integración con sistemas de gestión de transporte y otras plataformas, incluidas la gestión de riesgos en la cadena de suministro, fintech, insurtech y sistemas telemáticos.
Verisk (VRSK)는 미국에서 증가하는 화물 도난을 방지하기 위해 새로운 솔루션 CargoNet® RouteScore API를 출시했습니다. 2024년의 손실은 2023년 기록 수준보다 25% 높을 것으로 예상됩니다. 이 솔루션은 화물 유형, 가치, 경로 세부사항, 트럭 정류장 내 도난 이력을 고려하여 미국 및 캐나다의 화물 경로에 대해 1에서 100까지의 위험 점수를 생성합니다.
RouteScore API는 독점 알고리즘과 업계 최고 데이터를 사용하여 화물 보안을 위한 실행 가능한 통찰력을 제공합니다. 높은 위험 점수는 추적 장치, 드라이버 팀 또는 고급 주차 약정을 포함한 보안 조치를 강화할 수 있습니다. 이 솔루션은 운송 관리 시스템 및 공급망 위험 관리, 핀테크, 인슈어테크, 텔레매틱스 시스템 등 다양한 플랫폼과의 통합을 위한 API 형식으로 제공됩니다.
Verisk (VRSK) a lancé CargoNet® RouteScore API, une nouvelle solution pour lutter contre l'augmentation des vols de cargaisons aux États-Unis, où les pertes pour 2024 devraient être 25 % plus élevées que les niveaux record de 2023. La solution génère des scores de risque de 1 à 100 pour les itinéraires de cargaison aux États-Unis et au Canada, en tenant compte de facteurs tels que le type de cargaison, la valeur, les détails de l'itinéraire et l'historique des vols dans les aires de repos pour camions.
L'RouteScore API utilise des algorithmes propriétaires et des données de pointe dans l'industrie pour fournir des informations exploitables pour la sécurité des cargaisons. Des scores de risque élevés peuvent déclencher des mesures de sécurité renforcées telles que des dispositifs de suivi, des équipes de conducteurs ou des arrangements de stationnement avancés. La solution est disponible au format API pour être intégrée aux systèmes de gestion du transport et à d'autres plateformes, y compris la gestion des risques de la chaîne d'approvisionnement, les fintech, les insurtech et les systèmes de télématique.
Verisk (VRSK) hat die CargoNet® RouteScore API eingeführt, eine neue Lösung zur Bekämpfung des zunehmenden Diebstahls von Fracht in den USA, wo die Verluste im Jahr 2024 voraussichtlich 25 % höher ausfallen werden als die Rekordwerte von 2023. Diese Lösung generiert Risiko-Scores von 1-100 für Frachtstrecken in den USA und Kanada und berücksichtigt Faktoren wie Frachtart, Wert, Routeninformationen und Diebstahlsvorfälle an Lkw-Rastplätzen.
Die RouteScore API verwendet proprietäre Algorithmen und branchenführende Daten, um umsetzbare Einblicke in die Sicherung von Fracht zu geben. Hohe Risiko-Scores können verbesserte Sicherheitsmaßnahmen wie Tracking-Geräte, Fahrer-Teams oder fortschrittliche Parkanordnungen auslösen. Die Lösung ist im API-Format verfügbar, um in Transportmanagementsysteme und andere Plattformen wie das Risiko-Management in der Lieferkette, Fintech, Insurtech und Telematik-Systeme integriert zu werden.
- Launch of new revenue-generating product (CargoNet® RouteScore API)
- Expansion of service offering in growing market (cargo theft prevention)
- Integration capabilities with multiple platforms enhancing market reach
- None.
Insights
The launch of CargoNet RouteScore API represents a strategic move that could significantly impact Verisk's market position in the risk analytics space. The timing is particularly crucial, as cargo theft has become an increasingly costly problem for the transportation industry, with losses reaching unprecedented levels. This creates a compelling value proposition for the product.
The solution's competitive advantage lies in three key areas:
- Proprietary algorithm leveraging Verisk's extensive historical data, creating a significant barrier to entry for competitors
- API format enabling seamless integration with existing systems, reducing adoption friction
- Comprehensive risk scoring incorporating multiple variables, providing actionable intelligence for real-time decision-making
From a revenue perspective, this product opens multiple monetization channels:
- Direct API licensing to transportation companies
- Integration with insurance providers for risk assessment and premium calculations
- Partnerships with fintech and insurtech platforms
- Value-added services for existing Verisk clients
The solution's ability to influence insurance premiums through data-driven risk assessment could create a network effect, potentially making CargoNet RouteScore an industry standard. This would strengthen Verisk's position in both the insurance analytics and transportation security markets, potentially driving long-term revenue growth and margin expansion.
The API's scalability and integration capabilities suggest minimal incremental costs for customer acquisition, which could lead to attractive margins once the initial development costs are recovered. This aligns with Verisk's strategy of building high-margin, subscription-based data analytics products.
CargoNet’s RouteScore API bolsters cargo security with advanced, data-driven risk scoring
JERSEY CITY, N.J., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Cargo theft losses in the U.S. continue to climb: 2024 is projected to record 25 percent more losses than 2023, a year that also reached all-time highs for reported incidents. Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today launched CargoNet® RouteScore API, a solution aimed at significantly minimizing the risk of cargo theft. RouteScore API uses a proprietary algorithm to generate a cargo theft route risk score that provides a relative measure of probability that crime and loss will occur along any route in the U.S. and Canada.
Verisk CargoNet is uniquely positioned to deliver an industry-leading cargo theft scoring algorithm that provides unparalleled accuracy and insight with the use of best-in-industry data and analytics.
RouteScore measures the probability of a loss for individual risks by assigning a score of 1 to 100 — with 1 representing the lowest likelihood. RouteScore is based on critical factors such as cargo type, value, length of haul, origin, destination, day of the week, and the theft history of truck stops. In addition to generating a score, the model also observes the key variables that most influenced the score and provides a list of the riskiest truck stops along the route.
“RouteScore exemplifies our commitment to helping the industry manage and mitigate risk,” said Ryan Shepherd, general manager of Verisk’s CargoNet. “By providing actionable insights through advanced data analysis, Verisk is empowering the insurance and the transportation industry to protect their assets and ensure a safer delivery of goods.”
Empowering companies to protect their cargo proactively, a high-risk score of 98, for example, may prompt the implementation of additional security measures such as tracking devices, driver teams, relays, escorts or securing parking spots in advance and more.
Additionally, users can align high-risk lanes with best-in-class carriers, helping to ensure optimal security measures are in practice. This powerful solution is available in an API format, facilitating integration with third-party Transportation Management Systems (TMS) and proprietary systems. Additional third-party platforms, such as supply chain risk management, fintech, insurtech and telematics platforms, will also be able to source the solution and make it available for customers.
For more information about this cargo security solution, visit CargoNet’s website at: https://www.cargonet.com/
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
FAQ
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