Insurtech MGA Loadsure has closed on an $11 million Series A funding round, led by MMC Ventures, according to a statement by the company. Additional investors in the round include Crowley and existing investor Insurtech Gateway.
Loadsure claims title as the industry’s first transactional cargo insurance platform and automated claims process. The company said it will rapidly scale its organization to accelerate the development of its proprietary smart technology and better serve the global cargo and freight insurance market.
Loadsure explains that the demand for instant and on-demand risk management is evident and to% to 90% of cargo in transit is underinsured or, worse, uninsured. This is due to traditional insurers’ inability to keep up with JIT supply chains. This leads to a lot of risk exposure – especially with SME businesses. By leveraging AI and digital automation, Loadsure aims to support this under/un-insured market with a scalable low touch solution.
Loadsure CEO, Johnny McCord said they were delighted to partner with MMC Ventures, Insurtech Gateway, and Crowley in driving meaningful change for the freight industry:
“…especially now as it continues to wrestle with supply chain disruption and pandemic uncertainty. With this infusion of capital, we’ll make the strategic hires necessary to evolve our human-centric technology and make end-to-end risk management instantly available to every business.”
Loadsure is said to be the first to digitalize the full cargo insurance life cycle, deliver one-click coverage to the U.S. freight industry, and offer an international, per-shipment insurance API.
“Loadsure is completely modernising the way the freight insurance market is served by building a fully digital, data driven, embedded insurance product. We have been extremely impressed by the domain expertise of the team, with their strong foundations and contacts in the insurance and logistics industry providing the perfect combination to build a seamless and scalable product. Loadsure’s product aligns with the changes that are happening in the market with shippers and carriers increasingly expecting flexibility, customisation and ease of purchase,” stated Alexia Arts, Principal at MMC Ventures.