Creating Loadsure – Human-centric cargo insurance, powered by tech

Story by

Team Loadsure

Tags /

  • Cargo
  • Freight
  • Insurance
  • Strategy

As complexity increases, so does risk.

This truth is one of the things that attracted Loadsure’s CEO, Johnny McCord to cargo insurance in the first place.

“I love the intricacies and complexities of the supply chain,” says Johnny. “There’s a huge amount of complexity in the way we move cargo today.”

Having been born into an insurance family, perhaps it should come as no surprise that Johnny fell into an insurance career, and it’s a good thing he did. It gave him an up-close view of the inefficient distribution processes that put per-load cargo insurance out of reach for many—and a vision for a path forward.

Now, bringing together artificial intelligence and automation, deep freight and insurance industry insight, and a human-centric approach, Johnny is delivering an end-to-end digital cargo insurance solution to the freight industry. The result: Brokers, shippers, and carriers can now protect their balance sheet and critical business relationships—affordably and in real-time.

Getting there? It’s been quite a journey.

Rebuilding trust in the insurance industry

“Insurance has a bad name,” says Johnny.

And, let’s face it, decades back, the insurance industry created this distrust.

Maybe you don’t know the story, but before insurance was regulated, some hid insurance market losses and wrapped liability in layer after layer of reinsurance. The early 90s death spiral that followed nearly brought down the world’s largest insurance market, Lloyd’s of London.

People were hurting in the aftermath. Those who invested in the market lost everything.

”I remember my dad being nervous telling people what he did for a living because he was a Lloyd’s underwriter,” says Johnny.

Well, Johnny’s on a mission to rebuild trust in insurance and to serve the industry he’s most passionate about—cargo and logistics.

Protecting the freight industry businesses people rely on

“One thing that I’ve always loved about insurance is that you’re providing protection,” says Johnny.

Unfortunately, many in the freight industry are unaware of today’s global underinsurance crisis—a threat to business sustainability that Johnny hopes to address.

Many rely on their carrier’s liability policies alone; they believe they’re fully protected when, in fact, 80-90% of cargo today is under or uninsured. Only when it’s too late do they realize they’re going to be paid just a fraction of their invoice due to tariffs and liability policy formulas—and that’s only if they can prove carrier negligence.

“I want to make sure that a broader coverage is available to those in the freight industry when and if they want it,” says Johnny. “It’s not about a hard sell. We’re here to help people manage risk, and manage it on their terms.”

Delivering innovation to cargo insurance

“Right now, we have two very different industries in two very different stages of development,” says Johnny. “The North American supply chain, which is rapidly digitalizing, and the insurance industry which hasn’t been keeping up with this wave of innovation.”

The 300-year old traditional insurance market was built on human expertise; the ability to sell complex insurance through the skills and knowledge humans brought to the table. If it didn’t fit that mix—like low complexity cargo insurance—it was simply not a policy that could be efficiently distributed into the supply chain network.

Johnny saw these pain points in the industry and what his customers were going through. A lack of innovation and efficient process meant his customers’ needs weren’t being serviced correctly, and many were priced out of the risk management they needed.

It’s why Johnny chose to remain in cargo and logistics insurance.

“I had a lightbulb moment,” Johnny says. “I really wanted to improve the way that we distributed insurance within the supply chain. Things had to change. Maybe insurance isn’t the most exciting topic in the world, but when you try to embed insurance services, adopt a just-in-time approach, and tailor solutions for an ever-moving supply chain—all to meet the speed at which the world now operates—that’s hugely exciting.”

And, Johnny is rising to the challenge.

Now, his fully digital solution delivers instant, granular cargo insurance quotes, and dynamic products specifically tailored to the unique specifications of each load—enabling freight industry professionals to acquire coverage in seconds, while also dramatically reducing their single trip coverage costs.

A sustainable approach to protecting future growth

Loadsure’s ethos is about support, trust, and empathy—and the company is committed to supporting both the freight and insurance industries.

“Some insurtechs have carved the bottom out of the insurance market to win business,” says Johnny. “That practice contributes to wild peaks and troughs that drive up insurance premiums for the freight industry and push insurers out of business. Loadsure is creating a sustainable solution that protects the future growth of both.”

“We encountered barriers and resistance in the beginning,” says Johnny. “But I believed in our pioneering approach. We’re starting this movement, and I’m excited to give back to the freight industry.”