Loadsure today announced an investment of £1.1M led by Insurtech Gateway, alongside other corporate and angel investors. Attracting interest for its radically simplified and efficient approach to spot freight cargo insurance, the company has launched a fully automated, end-to-end digital process. As a result, Loadsure empowers brokers, shippers, and carriers to cut per-load insurance costs by 5x and accelerate claims settlements from days to hours.
With the backing of insurtech incubator and fund, Insurtech Gateway, and other investors, Loadsure will market the transportation industry’s easiest one-click insurance integration to loadboard, freight marketplace, and transportation management system platforms in the U.S. A remarkably simple solution, Loadsure helps transportation and logistics companies address the millions of uninsured or underinsured freight tons shipped in the U.S. each year.
“Spot Freight industry is a huge market with a complex value chain where a significant volume is not insured or is underinsured,” said Convex chairman and CEO, and Loadsure advisor, Stephen Catlin. “The digital end-to-end solution created by Loadsure is impressive, as is the scope of their ambition.”
Just as Uber and Lyft harnessed real-time data and a fully automated digital process to revolutionize the taxi industry, the transportation insurance industry is similarly primed for evolution. Insurtech Gateway recognizes that Loadsure, a Lloyd’s coverholder who knows this space inside-and-out, is poised to lead the charge, and it’s delivering the funding and expertise necessary to help Loadsure accelerate the adoption of its one-click insurtech solution.
“Insurtech Gateway has given us the confidence and support network to achieve our goals as we take Loadsure to the next level,” said Loadsure founder and CEO, Johnny McCord. “We now have a broader set of experts behind us to help navigate the rocks that founder many startups. Their subtle but supportive approach with Loadsure has been massively appreciated.”
“Informal marketplaces are vulnerable, lacking insurance protection for customers, and that was true of the spot freight market, until now,” said Insurtech Gateway co-founder, Robert Lumley. “Loadsure really impressed us with their plan to be at the leading edge of this rapidly modernising sector.”
About LOADSURE. Insurance. Simplified.
Loadsure is an international Insurtech Managing General Agent (MGA), and its eyes are set on revitalizing the freight spot market with exciting new technology. With an innovative digital product, it is taking the lead, fueling growth, and driving diversification within the market. Loadsure’s fully digital end-to-end, cloud-based insurance solution leverages predictive analytics and cutting-edge tech stack to provide the spot freight community with a full-service insurtech solution, integrated with leading digital transportation management platforms. Visit loadsure.net.
About Insurtech Gateway
The only FCA authorised independent incubator + fund, the Insurtech Gateway is the fastest place to build and launch an insurtech idea. The insurance industry has so many barriers to entry, founders often run out of energy and money just trying to get in. The Gateway is a one-stop-shop for founders, where they can get underwriting paper, investment capital and advice on how to design and build their startup, all surrounded by great insurance partners. The Gateway fund supports the portfolio post-incubation, to Series A and beyond. Check out the full portfolio. Insurers often struggle to innovate within their own businesses, the Gateway enables insurers to do this in a safe environment. They facilitate insurers, technology partners and insurtechs to get to know each other and work together, over the whole duration of building a business. The Gateway would like to meet early-stage founders with game-changing ideas or products, and progressive (re)insurers who are interested in collaboration. Visit insurtechgateway.com.