The product offers pay-as-you-go, per-load, all-risk smart coverage that includes automated claims on a digital platform.
PRODUCT: Loadsure's “Pay as You Go" Smart Cargo Insurance
COMPANIES: Argo Group; WK Webster; Lloyd's of London
BEST RATING: A-
AVAILABILITY: Loadsure is available to agents and brokers by appointment and via the wholesale channel through a simple, digital onboarding process.
FOCUS: Today, 80%-90% of cargo is shipped either underinsured or completely uninsured. This business-busting reality exists because insurers simply can't work as fast as the supply chain moves.
Loadsure—an international InsurTech managing general agent (MGA) and Lloyd's of London coverholder—has formed a partnership with Amwins to offer pay-as-you-go, all-risk smart coverage that includes automated claims on a digital platform. Loadsure has fully digitized cargo insurance to help agents and brokers cover risks in the spot freight market and increase commissions.
“Millions of uninsured and underinsured spot freight loads are currently being transported across the U.S.," says Loadsure CEO Johnny McCord. “In part, that's because the insurance industry has historically underwritten low-complexity risk through labor-intensive processes, making it prohibitively expensive and slow to acquire—often costing freight brokers and carriers substantial amounts on the spot market. Through automation and machine learning, we're driving a long-overdue evolution."
COVERAGE DETAILS: With Loadsure, insureds can get per-load, all-risk coverage in under 40 seconds. The bespoke coverage can also reduce—and even eliminate—annual covers, potentially cutting insurance costs by five times or more. Further, through accelerated claims resolution from weeks and months to days and even minutes, the insured can gain near-instant access to funds.
With no risk too small, Loadsure provides coverage up to $2 million for both domestic and international shipments and pays regardless of the shipper's ability to prove carrier negligence.
“We pride ourselves on our client-focused approach to comprehensive coverage, but that same model didn't work to support transactional insurance needs," said Alex Rosas, executive vice president at Amwins. “Loadsure bridges the gap with a user-friendly solution that empowers our clients to get the per-load coverage they need."
UNDERWRITING: Predictive analytics and artificial intelligence (AI) technologies power the underwriting process to quickly and accurately assess risk.
TARGET: Target classes include freight brokers, freight forwarders, shippers and carriers.
COVERAGE AVAILABILITY: Available in all 50 U.S. states.
COVERAGE TERRITORY: U.S., U.K. and EU.
CONTACT: Nathan Trimble, executive vice president of sales and business development, Loadsure; 1200 17th St, Ste 26-153, Denver, CO 80202; 401-374-2907.
Will Jones is IA editor-in-chief.