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.