The insurtech MGA enables brokers to serve the freight community at scale with a low to no-touch, AI cargo insurance solution
Today, Loadsure is raising the alarm; the company expects a spike in cargo theft over the Memorial Day weekend, yet more than 60 percent of cargo currently in transit is under or uninsured. Taking direct aim at this broad exposure, Loadsure empowers insurance brokers to profitably support underserved SMBs, delivering up to $2M in instant, all-risk, transactional coverage and automated claims through its embedded insurance solution or direct portal access.
“Many SMBs simply don’t recognize the extent of their exposure or the wide-ranging impacts of an unrecovered loss,” says Loadsure CEO Johnny McCord. “Labor-intensive traditional underwriting processes have also priced SMBs out of coverage and represented an unprofitable proposition for brokers. AI and automation, however, render their size irrelevant. Brokers can now increase their service levels and generate new revenue streams. It’s a win-win for both industries.”
In 2021, the average value of stolen cargo was $172,340, according to a recent CargoNet report, and this figure doesn’t take into account expedited replacement costs, supply chain interruption costs, or labor costs associated with attempted cargo recovery and claims filing. In 2022, CargoNet expects theft activity to remain elevated with electronics and household goods shipments highly targeted and most at risk at truck stops, warehouses, and distribution centers.
“Now, with a long weekend approaching, cargo theft rates are expected to rise as crime syndicates take advantage of lighter staffing and longer lead times to fence stolen freight,” says McCord. “Small businesses may be unable to sustain an unrecovered loss, and that’s been a key motivating factor at Loadsure—to ensure no business is excluded from business-critical risk management.”
The first of its kind, Loadsure’s AI cargo insurance solution enables brokers to generate quotes in seconds, and automatically provides clients with accounts so they can bind coverage directly. Brokers can also integrate Loadsure’s API into their environment or client workflows, empowering clients to self-service while they’re freed to deliver critical risk management at scale.