nShift, a leader in delivery and experience management, has introduced a new insurance offering aimed at ecommerce retailers to help mitigate the rising costs associated with lost, damaged, or stolen deliveries. The company’s move comes in response to a growing concern over “porch piracy,” a crime that has surged by 57% in 2023, leading to estimated losses of €236 million (£200 million) in the UK alone.
The statistics paint a concerning picture for retailers: over half of consumers report receiving damaged goods annually, resulting in a typical insured loss of €218 for damaged packages and €295 for missing items. These losses not only strain retailers’ finances but can also impact customer loyalty.
nShift’s new insurance service provides a streamlined solution for online retailers, offering swift refunds for items that are lost, stolen, or damaged during delivery. Unlike traditional carrier insurance policies, which often vary widely in terms and can involve lengthy settlement periods, nShift Insurance aims to enhance customer service, build brand loyalty, and reduce operational risks for ecommerce businesses.
“Porch piracy” is becoming a significant issue as more packages are left unattended at doorsteps or safe spots, making them easy targets for thieves. The growing prevalence of this crime has prompted nShift to act decisively to protect retailers from the financial repercussions. Maarten Tops, Product Director at nShift, explained, “The time and cost of replacing lost, damaged, or stolen deliveries is set to worsen as the ecommerce market grows. While many carriers offer insurance of their own, the terms and conditions vary considerably, and it can take a long time for payouts to be handled. nShift Insurance is based on industry-leading underwriters and offers coverage that is tailored to the needs of ecommerce companies – across all the carriers they use.”
The nShift Insurance service integrates seamlessly into retailers’ existing processes, covering its delivery management portfolio, including nShift Ship, Delivery, and Transsmart. Benefits for retailers include:
- Simplified process: A carrier-agnostic, global protection covering all available carriers.
- Greater customer loyalty: A streamlined claims process that ensures quicker payouts and replacements.
- Tailored protection options: Insurance solutions that meet specific product needs.
- Convenience: The service is embedded within the merchant’s workflows, such as booking and label printing.
- No minimum waits times for claims: Investigations commence without waiting for carriers to confirm losses.
- Rapid payouts: The service aims to complete 95% of claims within three days.
- Full reimbursement: Claims are settled for the complete retail value of lost or damaged goods.
Tops emphasised the importance of nShift Insurance for online retailers and carrier companies, stating, “Accidents happen. For ecommerce and retailers, nShift Insurance gives more control and better peace of mind.”
The new offering is part of nShift’s broader suite of delivery and experience management solutions designed to connect brands with customers, ensuring that ecommerce retailers can operate with confidence amid growing delivery challenges. Retailers interested in learning more can find out more about nShift Insurance.
