Cargo insurance platform launches AI data extraction tool

Embedded cargo insurance platform Breeze has launched a new artificial intelligence (AI) tool aimed at reducing manual data entry for freight forwarders.

The tool – Quote AI Autofill – allows users to upload documents including invoices, booking confirmations, bills of lading, emails and screenshots, from which the proprietary technology retrieves information to populate quote fields.

Breeze said the product can retrieve data including commodity descriptions, load type, cargo value, special conditions, modes of transportation and the origin and destination of goods, which must then be reviewed and approved by the uploader before submission.

The move builds on Breeze’s stated aims of “making cargo insurance easier to embed into freight workflows” and “reducing the manual steps between moving a shipment and securing cover”.

Manual data processing

Indeed, research from Breeze has suggested that some 70% of cargo travels uninsured or underinsured, a fact which the firm suggested is partially related to the difficulty of freight forwarders using outdated systems and relying on manual data processing.

It added that “marine insurance needs to better reflect the realities of modern global trade with clearer products, better data and processes that match how freight forwarders and shippers operate”.

Eyal Goldberg, chief executive at Breeze, said: “Forwarders are working in a market shaped by disruption, uncertainty and pressure on margins, yet too much of the insurance process still depends on copying information from one document to another.

“Quote AI Autofill is designed to remove repetitive manual tasks, speed up quotes and keep the user fully in control.”