Stephen Catlin is the insurtech board’s advisor, it is also one of twelve to be selected in Lloyd’s Lab’s fourth cohort
Insurtech managing general agent (MGA) and Lloyd’s coverholder Loadsure has secured a £1.1m in a funding round led by independent incubator, Insurtech Gateway alongside other angel investors.
The insurtech provides fully digital cargo cover, starting with the spot freight market. Its end-to-end cloud-based solution uses predictive analytics that delivers on-demand spot freight insurance to the US market in one-click.
It claims to empower brokers, shippers and carriers to cut per-load insurance costs by five times and accelerate claims settlements faster.
Traditional insurance options for the spot freight market have been slow, manual and poorly priced to cover the costs of human intervention, and as a result, 80% of spot freight travels without adequate insurance.
Loadsure claims to fill a gap in insurance by providing a seamlessly integrated transportation booking platform.
Insurtech Gateway co-founder Robert Lumley said: “Informal marketplaces are vulnerable, lacking insurance protection for customers, and that was true of the spot freight market, until now.
“Loadsure really impressed us with their plan to be at the leading edge of this rapidly modernising sector.”
The insurtech MGA is also one of the twelve selected insurtech’s to be included in the Lloyd’s Lab’s fourth cohort which was revealed earlier this week.
Complex value chain
It was founded in 2018 by Johnny McCord, who has spent 17 years as a Lloyd’s cargo broker, and Convex’s chairman and chief executive Stephen Catlin is its board advisor.
The insurtech MGA hopes to help transportation and logistics companies address the millions of uninsured or underinsured freight tons shipped in the U.S. each year.
Catlin said: “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.”
Meanwhile, Loadsure’s chief executive McCord said: “Insurtech Gateway has given us the confidence and support network to achieve our goals as we take Loadsure to the next level.
“We now have a broader set of experts behind us to help navigate the rocks that founder many startups. Their subtle but supportive approach with Loadsure has been massively appreciated.”
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