The cargo theft prevention and recovery network
RouteScore API: Supply Chain
What is RouteScore API?
CargoNet's RouteScore API combines cutting-edge geospatial models with advanced machine-learning algorithms. This innovative integration delivers highly accurate predictions by harnessing spatial data and predictive analytics, transforming complex datasets into real-time actionable insights to improve cargo load safety.
Our risk-scoring algorithm is transforming how the industry evaluates and manages cargo theft risk. By providing lane and load-level insights, shippers and brokers can align their own carrier and driver security scores with high-risk routes. This proactive approach is driving carriers and drivers to elevate their security practices while brokers, retailers, and manufacturers implement additional measures such as tracking devices, security escorts, driver teams, and relays to ensure safer cargo transport. Note: We do not provide carrier security scores; it's up to the end user to build and create them.
Added Benefits by Veritical
- Route Optimization: Use the risk score to adjust routes dynamically, avoiding high-risk areas, especially theft-prone truck stops.
- Training and Alerts: Real-time alerts and training on best practices when traveling through high-risk areas, emphasizing vigilance and secure stopping points.
- Security Enhancements: Utilize the risk score to determine potential preventative options, such as, but not limited to, Advanced locking systems, GPS tracking, Driver Teams, Relays, Security Escorts, Secured Parking Locations, or simply driving through or around high-risk areas.
- Insurance Adjustments: Adjust insurance coverage based on the risk score to ensure higher-risk loads are adequately covered and potentially negotiate better terms with insurers.
- Carrier Selection: Choose carriers with proven security measures and reliability for high-risk loads, ensuring they are equipped to handle the additional risks. Score Carriers/Brokers from a security perspective and match best in class with high theft lanes and hot zones.
- Risk-Based Pricing: Adjust pricing models to reflect the risk scores, potentially offering incentives for safer routes and times or charging premiums for higher-risk shipments.
- Communication, Coordination, and Training: Maintain clear communication with all parties involved, ensuring everyone is aware of the risk at the lane/load level and the reasons behind it, and facilitating coordinated risk mitigation efforts.
- Shipment Scheduling: Schedule shipments to minimize exposure during high-risk times, such as avoiding weekends, nights, or peak theft seasons.
- Packaging and Labeling: Implement discreet packaging and labeling to avoid drawing attention to high-value or desirable commodities, reducing the theft risk.
- Insurance Adjustments: Adjust insurance coverage based on the risk score to ensure higher-risk loads are adequately covered and potentially negotiate better terms with insurers.
- Inventory Management: Plan inventory levels and deliveries according to risk scores, ensuring high-value or essential goods are shipped during lower-risk times and or staging of high-risk safety stock.
- Vendor Collaboration: Work closely with vendors and logistics partners to ensure they understand and mitigate the risks associated with high-risk shipments.
- Insurance Adjustments: Adjust insurance coverage based on the risk score, ensuring higher-risk loads are adequately covered and potentially negotiating better terms with insurers.
Cargo loss data combined with sophisticated modeling and analysis
With 10+ years of accumulative national cargo theft data, Verisk data scientists developed an AI solution that powers risk scoring before a trip starts based on various factors such as: type of commodity hauled, value, origin and destination, travel distance, day of the week, truck stop risk, holidays, seasonality, etc.
With 10+ years of accumulative national cargo theft data, Verisk data scientists developed an AI solution that powers risk scoring before a trip starts based on various factors such as: type of commodity hauled, value, origin and destination, travel distance, day of the week, truck stop risk, holidays, seasonality, etc.
The RouteScore model assesses risks related to theft along a specific route. The risk score has a range of 0-100, with 100 being the highest risk. It is designed to help supply chain and insurance companies better understand their risk of cargo theft and provide them with decision-making support to better protect cargo from being stolen.
Robust Data, Powerful Analytics, Better Decisions:
- Provides tangible insight from historical theft trends
- Allows you to make data-driven decisions
- Illustrates best practices and gives you and your customers a comfort level
- Mitigate cargo theft insurance claims and stabilize your premium
Schedule a demo today and discover how Verisk's CargoNet RouteScore API can give you a better understanding of your risk in real-time!