Apollo partners with ZenHedge on parametric freight coverage
Apollo Underwriting , a Skyward Group company, has partnered with ZenHedge to launch a parametric insurance product designed to protect US shippers from higher freight costs tied to trucking carrier tender rejections. The product, Freight Expense Insurance, targets a largely uninsured risk in a market where trucking accounts for more than 70% of freight movement.
ZenHedge’s platform analyses data from shippers’ Transport Management System (TMS) data to model trucking lane risks and tender rejection events enabling efficient, data-driven risk transfer. The product launches in the US market, where trucking accounts for more than 70% of national freight movement and where this risk remains largely uninsured.
Apollo is sponsoring ZenHedge as a Lloyd’s-approved coverholder, with support from Aon across reinsurance, digital economy broking, and delegated authority teams in the US and London.
“We are delighted to partner with ZenHedge and Aon to bring a truly innovative solution to one of the challenges in U.S. supply chains. Tender rejections create costly uncertainty for shippers of goods, and ZenHedge offers a practical, data-driven way to protect clients’ operations from such tender rejection events. This partnership reflects our commitment to supporting forward-thinking MGAs who are reshaping how risk is understood and insured, especially in global supply chains. We are excited about the scale and future potential this product and partnership represent.” – Hayley Budd, Class Leader, Innovation, Apollo.
“ZenHedge is proud to partner with Apollo and Aon, leaders in the insurance innovation space, to bring Freight Expense Insurance™ product to the U.S. market. For far too long, shippers have relied on a patchwork of digital freight technologies and trucking carrier relationships to manage freight transportation risks. Our product addresses an unmitigated insurance gap in the vital supply chain ecosystem. Apollo’s innovation team has had a successful track record of partnering with insurtech startups in bringing breakthrough technologies, risk models, and underwriting capabilities to the insurance industry. Aon’s Reinsurance, broking, and delegated authority teams provide a seamless end-to-end platform for insurance startups like ZenHedge to succeed. We are grateful for the mentorship and support offered by Apollo and Aon and look forward to the immense potential of this breakthrough product and the opportunities it presents.” – Krishnan Kandasamy, Founder and CEO of ZenHedge.
