Harnessing the Power of Digital to Insure the Spot Freight Market

Harnessing the Power of Digital for the Spot Freight Market

Insurtech enables shippers, brokers and carriers to obtain spot freight insurance with one-click ease.

argo-loadsure-spot-freight-market

The launch of a new digital solution for the spot freight market is one of the latest examples of how technology is transforming the insurance industry.

Securing spot freight insurance can be a costly and cumbersome process in a tough trading environment where shippers, brokers and carriers are under increasing pressure to find ways to work smarter. To meet that need, Loadsure, a Lloyd’s coverholder, has launched an innovative digital solution that provides access to integrated insurance services and all-risks coverage.

“The U.S. spot freight market has changed dramatically in the past few years, and it needs insurance that keeps pace with that change,” says Johnny McCord, CEO and founder of Loadsure, the first fully digital managing general agent in the London market.

One-click flat premium per truckload

Backed by ArgoGlobal, Loadsure offers a simple, one-click all-risks insurance product for the majority of cargo across North America that integrates with the existing load board platforms used in the freight and logistics industry.

Loadsure’s platform allows customers to view a quote on a load board and click to purchase. The platform handles the entire insurance process, including onboarding, risk management, underwriting, policy management, invoicing, payment, and digital claims handling and settlement direct to the customer.

Millions of tons in spot freight market

With millions of freight tons being shipped across the U.S. each year – much of it either uninsured or underinsured – the spot freight industry is a huge market with a complex value chain, says Stephen Catlin, Loadsure advisor. Spot freight rates are based on current supply and demand and, unlike contract freight rates, can vary by the hour, day or week.

A shared digital vision

Loadsure’s digital platform was built by Noria, the Norway-based financial services IT provider. At the time of its launch, Loadsure had secured its first major client, Emerge, a digital freight marketplace.

“The Loadsure platform has simplified the way we purchase insurance, along with cutting-edge digital claims handling, allowing Emerge an easy way to meet our customers’ specific insurance needs,” says Jake Papa, senior vice president of strategic operations for Emerge. “Loadsure is clearly simplifying insurance.”

ArgoGlobal has been involved in Loadsure’s insurtech product development and supported Loadsure’s Lloyd’s coverholder approval process. The partnership fits well with Argo’s focus on customer value, digital development and entrepreneurial culture, says Jon Hamilton, a cargo underwriter for Argo. The solution’s streamlined interface simplifies the customer journey and responds to customers’ needs, he says.

“This is an excellent opportunity to offer clients a simple, fast and integrated solution in an industry where technology is disrupting the traditional business model,” Hamilton says.

Visit loadsure.net for more information about the Loadsure digital solution for the spot freight market.