How Loadsure opens new doors for its insurance partners

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Story by

Ted Calligeros

Tags /

  • Business
  • Freight Protection
  • Insurance

Loadsure was purpose-built to help solve the underinsurance crisis, reducing the number of shipments in transit without the right cover, or any cover at all. Our insurance broker partners are a crucial component of that effort; they directly serve the freight community, and equipped with our products, they can offer more convenient coverage to a more diverse range of customers than before.

Recently, we spent some time interviewing our insurance broker partners to get a better sense of how working with Loadsure benefits them — keep reading for the biggest takeaways we identified.

Helping insurance brokers open new doors.

Many specialist insurance providers find themselves pigeonholed when it comes to the clients they work with, and for insurers working in transport and logistics, it can often be easier to serve freight brokers and forwarders than work directly with shippers and manufacturers. Since joining forces with Loadsure, and gaining access to all our products, some of our insurance broker partners report that they’re able to cover more ground with that first link in the supply chain, unlocking a new customer base.

On top of this, our diverse range of policies can help our insurance broker partners to broaden their reach within the freight community. In traditional insurance, you might only get one opportunity each year to win a company’s business at the annual point of renewal, but Loadsure offers several products that can begin immediately, and don’t require waiting until the renewal date. For example, Thames™ is a single shipment cargo insurance, which can be used to insure commodities that are often excluded from standard shipper’s interest policies, and this cover can start as soon as needed.

Importantly, these products are also more comprehensive than many other forms of transportation and logistics insurance, as they provide all-risk coverage. So partnering with Loadsure enables insurers to offer better cargo insurance to those who need it, while empowering their own freight broker and forwarder clients to do the same.

Delivering a low-touch solution.

Naturally, whenever a business integrates a specialist service or product like Loadsure, there’s some hesitancy around adding a new operational layer to navigate.

We’ve had great feedback about both our integration process and the ongoing support our insurance broker partners receive, showing that the initial investment on education is well worth it. After a couple of training sessions upfront, Loadsure proves to be a very low-touch solution compared to others on the market.

Our technology can also make a big difference to our insurance partner’s freight brokerage clients — particularly if they integrate Loadsure directly into their TMS. In this instance, a shipper could purchase a Loadsure policy with zero input from the freight broker, effectively making it a self-service process with the power to add considerable value.

Building trust and relationships through Loadsure.

Loadsure’s varied product catalog has also helped some of our insurance broker partners to work with much bigger freight brokers in the US. By writing a one-off policy like Thames™ (our dynamic, on demand cargo insurance) insurance brokers are able to get a foot in the door, and then keep nurturing that relationship until they’ve written a few more policies, or even broken the sales cycle.

Our offering also empowers insurance brokers to provide a more holistic approach to freight protection too. For instance, if a shipper needs to make a claim, then usually that claim will impact their annual policy and drive up the cost of their next contingent cargo renewal. But if the shipper has purchased a Loadsure policy through an insurance broker too, then they can claim separately, protecting their business from the financial consequences of cargo loss, without increasing their renewal.

At Loadsure, making these quantifiable savings possible helps to inspire trust in our clients. Our insurance broker partners recognise that we’re legitimately providing an efficient and cost-effective solution, one that makes their working lives easier and delivers the coverage their freight clients so clearly need.

If you want to find out more about what partnering with Loadsure looks like, or discuss our range of products, don’t hesitate to reach out to us — we’ll be in touch soon.