Loadsure, a managing general agency (MGA) focused on the U.S. spot freight industry, has been granted coverholder status by the specialist Lloyd’s of London insurance and reinsurance marketplace.
ArgoGlobal, a division of re/insurer Argo Group, has partnered with Loadsure to provide capacity and support for its development, and has been working with the business through the coverholder approval process.
Following the approval from Lloyd’s, the pair have announced the launch of a new InsurTech offering, a fully digital solution designed to protect the U.S. spot freight industry.
Loadsure provides a product for shippers, brokers and carriers that is integrated with freight and logistic industry electronic platforms and markets. Reportedly, it’s the first fully digital MGA in the London marketplace and already has numerous electronic markets signed up.
While support and capacity is provided ArgoGlobal, the digital platform has been built by Norway-based financial services IT company, Noria. Loadsure has also collaborated with Concirrus, which built the data analytics platform as well as the dynamic rating model for the new InsurTech offering.
Loadsure’s Chief Executive Officer (CEO) and founder, Johnny McCord, said: “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.”
Cargo Underwriter at ArgoGlobal, Jon Hamilton, said: “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’s non-executive Chairman, added: “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.”
While re/insurance industry veteran and Loadsure advisor, Stephen Catlin, said: “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.”
