Loadsure and ArgoGlobal today announced the launch of their new InsurTech offering, a fully digital product covering the U.S. spot freight market. This follows Lloyd’s granting coverholder approval for the MGA.
Loadsure offers a first-class solution for shippers, brokers and carriers that is integrated with freight and logistic industry electronic platforms and marketplaces. The product offers completely integrated services through the first fully digital MGA in the London market and already has a number of electronic marketplaces signed up as clients.
Argo has been involved in supporting the business, including through the Lloyd’s coverholder approval process and providing capacity. The digital platform has been built by Noria, the Norway based financial services IT provider. Loadsure has also partnered with Concirrus, which has built the data analytics platform and dynamic rating model.
Johnny McCord, Loadsure CEO and founder, commented: “70% of the value of freight in the U.S. goes by truck, which is equivalent to 1.4 billion freight tons and is worth $1.5 trillion. We know there is demand for insurance, but access is cumbersome, leading to a significant cost and risk for shippers, brokers and carriers.
“Loadsure’s ‘one-click’ solution means more clients are insured with coverage that is fast, easy and fully digital. Critically, this runs right through to claims. We are already in partnership with a number of electronic platforms, enabling us to be visible to a huge proportion of the trucking industry.”
Jon Hamilton, cargo underwriter at ArgoGlobal, commented: “Working with Loadsure ties in closely with Argo’s focus on customer value, digital development and our entrepreneurial culture. There is an excellent opportunity here to offer clients a simple, fast and integrated one step solution in an industry where technology is disrupting the traditional business model. Argo is delighted to be in partnership with Loadsure and provide capacity and support for its development.”
Rupert Atkin, Loadsure non-executive chairman, commented, “It is exciting to be offering a first-class solution for shippers, brokers and carriers that is integrated with electronic platforms. The U.S. spot freight market has changed exponentially in the past few years and it needs insurance that keeps pace with that change. Loadsure combines decades of experience with a keen innovative spirit, creating an ambitious approach and deceptively simple product.”
Stephen Catlin, Loadsure advisor, commented: “The spot freight industry is a huge market with a complex value chain where a significant volume is not insured or is underinsured. The digital end to end solution created by Loadsure is impressive, as is the scope of their ambition.”