The freight insurance industry needs to change

Story by

Johnny McCord

Tags /

  • Freight
  • Freight Protection
  • Insurance

For too long, the freight industry has been under-served and undervalued – it’s time for that to change. 

Freight insurance providers have historically offered SMBs traditional annual policies – policies that are expensive, slow to acquire, and incompatible with the just-in-time supply chain. But despite a wave of innovative InsurTechs entering the market, the freight insurance industry has been tentative about adopting new technologies and slow to evolve. 

This lack of agility has negatively impacted an industry that, by its very nature, requires a fast, responsive, and flexible insurance offering. 

Even if the traditional insurance community could deliver accurately priced, per-load coverage, the labour-intensive process of underwriting risks drives up costs, and is too slow to meet the needs of the fast-moving spot market.

Enter freight protection 2.0.

As a data-driven InsurTech, we’re addressing this long-standing challenge head on. Our AI-powered platform already delivers a solution that enables brokers and wholesalers to sustainably support the needs of the SMB freight community for the first time for LTL and FTL shipments alike.

We’re tackling the problem of hesitant adoption by ensuring our API integration process is as quick and simple as possible – it just takes a few weeks. We even offer a quick URL link API option, enabling brokers to deploy even faster. And, now, with our complete user permissions redesign, brokers can sign up organisations in seconds, quote and bind coverage for downstream accounts, gain maximum control over billing and premium collection, and realise greater visibility into account performance.

But what’s particularly exciting is that our data-driven approach will enable active risk management in the future. Loadsure will deliver actionable loss suppression insights that should ultimately become more important than the insurance certificates themselves. This tech innovation should be transformative for SMBs who lack the capacity for in-house risk management teams.

While freight insurance policies will always have a place in protecting against unforeseen incidents, this emerging ecosystem will actually minimise the chances of a loss impacting an SMB’s balance sheet in the first place.

Loadsure embraces this change, and seeks to reinforce it. 

How? By providing the freight industry with actionable data, brokers can help their assureds suppress losses, reduce supply chain disruption, and ultimately reward them with better pricing.

What makes Loadsure different?

Passionate about tech but lacking the deep insurance industry insight, some InsurTechs have developed solutions in search of a problem. 

We’ve taken a different approach. Purpose-built for the insurance industry, every aspect of our functionality is specifically optimised for the pain points that both assureds and insurers face.

Loadsure leverages expertise from insurance, freight and technology specialists. It’s our ties to these sectors that uniquely position us to feel empathy for all three, and pioneer a future where they intersect.