Press Release - TT Club Applauds Success in Logistics Innovation


  • Date: 21/01/2014

TT Club, the insurance specialist serving the global freight industry, continues to support innovation in the logistics sector.

TT Club, which provides liability, cargo and property cover to freight forwarders and logistics companies, once more observes that innovation in technological capabilities and tailored supply chain processes is essential for logistics companies to thrive in a sustained competitive environment.

A long-term supporter of the British International Freight Association (BIFA) Awards, TT Club sponsored the 2013 European Logistics Award.  TT Club’s Development Director for UK and Ireland, Brian Sullivan, was part of the judging panel that employed a stringent vetting process to find the most deserving entry. This year the winner is DSV. The award was presented by Sullivan to DSV's Chris Malyon at a ceremony in London on Thursday, 16 January.

The Club’s detailed knowledge of its own Members' supply chain services has convinced Sullivan that the proliferation of innovation in the sector and a trend away from rate-driven commoditisation is a very real phenomenon.

“Many in the freight transport industry feel that pressure on rates from customers has shorn the operator of the necessary resource to deliver the added-value elements that distinguishes logistics from the straightforward  ‘A to B’ transportation of freight.  As a result of my own and the Club’s experience, I would contest this view,” comments Sullivan.

TT Club is certainly seeing more extensive services being provided by its customers.  Many companies that in the past offered traditional freight forwarding now take on a much higher degree of supply chain risk and sustain greater liability by providing increasingly complex and sophisticated services.

The trend is however seen as positive.  The increased complexity of service offerings and the ingenuity of operators in designing alternative supply chain solutions provides opportunity for new entrants as much as established logistics companies.

TT Club recognises the need to support and reward quality innovation in the industry and has been a sponsor of the BIFA awards since their inception nearly twenty years ago.  By the very nature of the insurance services it provides, the Club is at the heart of the supply chain industry and consequently, is able to monitor the dynamic trends that are always at play as logistics operators strive to improve their service offerings to meet market demands.

ENDS
 
Note to Editors:
The TT Club is the international transport and logistics industry's leading provider of insurance and related risk management services. Established in 1968, the Club's membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.
 
Photo Note:
A photograph of the presentation of the BIFA 2013 European Logistics Award will be available from the ISIS Communications Press Room or on request from info@isiscomms.com
 
For further information please contact:
Tally Judge, Marketing Manager, TT Club
Tel: +44 (0)20 7204 2635
E-mail: tally.judge@thomasmiller.com
www.ttclub.com contact:
Peter Owen, ISIS Communications
Tel: +44 (0)1737 248300
E-mail: info@isiscomms.com
www.isiscomms.com

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Through Transport Mutual Insurance Association Limited and TT Club Mutual Insurance Limited, trading as the TT Club. TT Club Mutual Insurance Limited, registered in the UK (Company number: 02657093) is authorised by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and Prudential Regulation Authority. In Hong Kong, TT Club Mutual Insurance Limited is authorised and regulated by the Hong Kong Insurance Authority, in Singapore by the Monetary Authority of Singapore and in Australia by the Australian Prudential Regulation Authority. In the United States, TT Club Mutual Insurance Limited is approved as a surplus lines insurer in all states and is accessible through properly licensed surplus lines brokers. The registered offices are: 90 Fenchurch Street, London, EC3M 4ST.

Through Transport Mutual Insurance Association Limited, registered in Bermuda (Company number: 1750) is authorised and regulated in Bermuda by the Bermuda Monetary Authority and is authorised in the UK by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and Prudential Regulation Authority.

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