Loadsure: Tailored and Dynamic Cargo Insurance Solutions

Global freight and cargo SMBs operate in time-critical environments and margins are tight. If they can’t quickly and affordably acquire cargo coverage, they’ll lose opportunities to the competition. Constrained by labor-intensive traditional processes, however, the insurance industry hasn’t been able to profitably address their needs. These underserved SMBs are then faced with two choices: Absorb annual covers that are disproportionately expensive relative to their small annual exposures—or operate without adequate coverage and hope their luck doesn’t run out. As a result, more than 60% of cargo in transit today is under or uninsured. Loadsure is taking direct aim at this global underinsurance crisis with its smart freight insurance products.

Drawing on a deep well of insurance, freight logistics, and technology expertise, Loadsure has leveraged AI and automation to optimize traditional processes that add delays and drive up premiums, ultimately, pricing SMBs out of coverage. The result: Cost-effective, dynamic pricing and products that can be delivered instantly, on-demand, and at scale. “Our end-to-end digital insurance solutions empower every business to affordably protect its balance sheet on the fly,” says Johnny McCord, Founder and CEO of Loadsure. Currently delivering both smart single shipment and annual cargo policies, Loadsure will add smart General Average and logistics liability products to its lineup soon.

In a freight and cargo industry awash in data, Loadsure’s data-driven solution harnesses visibility into granular, real-time data to better understand risk profiles; something the insurance industry has been unable to do. “Our Loadsure API enables insurance brokers to embed our cargo insurance solution right into their environments or their customers’ workflows. Not only do these integrations feed our AI learning engine with the high-resolution data that accurately prices risk, but they also empower clients to service their own needs on a pay-as-you-go basis—all while empowering brokers to easily support an underserved market,” extols McCord.

Loadsure has also taken a digital-first approach to claims, simplifying submissions and settling many claims in near real-time. “Our automated, white-glove process walks customers through the process, step-by-step, reducing the friction points and inefficiencies so common in collecting claims data. Leveraging dynamic forms, for instance, we autofill data that’s already on file and display only the fields required to complete a particular claim,” adds McCord. Loadsure’s AI learning engine then harnesses vast quantities of historic and real-time claims data to automate claims decisions, growing increasingly sophisticated as new claims flow in and it encounters new edge cases. When a claim is approved, the Loadsure settlement and liquidity management platform delivers near-instant payments into customer bank accounts—and all within a regulated environment.

Loadsure’s fully digital solution is already leveling the playing field for SMBs, providing the fast, effective coverage they need to grow. Meanwhile, it’s also empowering brokers to effortlessly increase their service levels and deliver cost-effective risk management to SMBs that, before now, represented unprofitable businesses—all through low to no-touch solutions.

Since opening its doors in 2018, Loadsure has served the North American market. Now, the holistic freight and cargo protection company is rolling out to the UK, Europe, the Far East, and Australasia. Delivering tailored, dynamic insurance coverage, however, is just the beginning.  While Loadsure currently delivers customers insights into how commodities and routings are performing, actionable, just-in-time alerts and reports are on the company’s roadmap. “This active risk management will help our customers further suppress losses, and they’ll be rewarded for adopting active measures through increasingly better pricing,” concludes McCord. “In time, these insights will be more important than the paper itself.”