Insurtech MGA Loadsure announced today that it closed its $11 million Series A funding round, led by MMC Ventures and alongside Crowley, a global maritime, energy, and logistics company and existing investor Insurtech Gateway. Loadsure, which delivered the industry’s first transactional cargo insurance platform and automated claims process, will rapidly scale its organization to accelerate the development of its proprietary smart technology, increase its reach, and better serve the global cargo and freight insurance market through a more efficient, effective distribution chain.
The need for instant, on-demand risk management is clear. Today, 60 to 90% of cargo in transit is under or uninsured, in part because traditional insurance can’t keep pace with the just-in-time supply chain. As a result, many freight brokers, shippers, and carriers are operating with broad risk exposure, especially small-to-medium-sized businesses, which have historically been underserved by the insurance industry. Leveraging AI and automation, Loadsure is taking direct aim at the global underinsurance crisis, enabling insurance wholesalers and retailers to profitably service a larger market through scalable, low-to-no-touch solutions.
‘We’re delighted to partner with MMC Ventures, Insurtech Gateway, and Crowley in driving meaningful change for the freight industry,” said Loadsure CEO, Johnny McCord, “especially now as it continues to wrestle with supply chain disruption and pandemic uncertainty. With this infusion of capital, we’ll make the strategic hires necessary to evolve our human-centric technology and make end-to-end risk management instantly available to every business.”
Leading the way on freight insurance innovation, Loadsure was the first to digitalize the full cargo insurance life cycle, deliver one-click coverage to the U.S. freight industry, and offer an international, per-shipment insurance API. Now, it will grow its entrepreneurial organization to help assureds understand risk and reduce loss by enabling brokers to better serve their communities.
“Loadsure is completely modernising the way the freight insurance market is served by building a fully digital, data driven, embedded insurance product. We have been extremely impressed by the domain expertise of the team, with their strong foundations and contacts in the insurance and logistics industry providing the perfect combination to build a seamless and scalable product. Loadsure’s product aligns with the changes that are happening in the market with shippers and carriers increasingly expecting flexibility, customisation and ease of purchase” says Alexia Arts, Principal at MMC Ventures.