Loadsure Market Research Report
Company Overview
Name
Loadsure Ltd.
Mission of the Company
Loadsure's mission is to revolutionize the global freight insurance industry with data-driven, AI-powered solutions that address the global underinsurance crisis.
Foundation
- Founded: November 2018
- Founder: Johnny McCord
Key People
- Johnny McCord: CEO & Founder
- Jim Heide: COO & Co-Founder
- Ben Brough: Director of Europe
- Taylor Walker: CIO
- Joe Walker: EVP of Marketing
Headquarters
- Location: 71 Queen Victoria Street, London, England, EC4V 4BE
Number of Employees
No information is available.
Revenue
No information is available.
Known For
Loadsure is known for its cutting-edge InsurTech solutions that provide AI-priced, real-time auto-adjudicated freight insurance.
Products
Thames™
- Type: Dynamic, On-Demand Cargo Insurance
- Description: Provides all-risk coverage on a per-load basis, eliminating the need for expensive annualized policies.
- Key Features: Dynamic pricing, instant insurance certificate issuance, accessible via online platform or API.
Danube™
- Type: Dynamic Ocean Cargo Insurance
- Description: Annualized ocean cargo insurance with flexible policy premiums.
- Key Features: Accurate quotes almost instantly, digitized intake, competitive premiums.
Huron™
- Type: Ocean Cargo and Stock Throughput Insurance
- Description: Comprehensive coverage for goods in transit and storage without minimum premiums.
- Key Features: Competitive premiums, dynamic rating model, instant quote generation.
Columbia™
- Type: Motor Truck Cargo & Logistics Services Insurance
- Description: Protects motor carriers, freight brokers, and forwarders against cargo damage.
- Key Features: Dynamic pricing, fast quote issuance, supplemental coverages.
Orinoco™
- Type: Dynamic Shipper’s Interest Insurance
- Description: Provides first-party coverage that exceeds the limitations of carrier liability policies.
- Key Features: Custom rating model, instant insurance certificate issuance, real-time visibility on account performance.
Recent Developments
2024
- European Expansion: Loadsure launched its products into the European market with initial operations focusing on Benelux region, Germany, France, Denmark, Norway, Finland, and Sweden.
- New Partnership: Loadsure further expanded underwriting authority with backing from Tokio Marine Kiln.
2023
- Platform Enhancements: Improved user-level permissions for better visibility and management of accounts.
- Series A Funding: Secured $11 million, demonstrating significant market demand for its technology.
2022
- Two New Product Launches: Released dynamic ocean cargo and stock throughput insurance.
- Major Agreement: Loadsure agreed to a commercial deal with Amwins, the largest wholesaler in North America.
2020
- Partner Portal Launch: Enabled near-instant access to risk coverage for the freight community.
Technology and Impact
Loadsure's technology, powered by AI and high-resolution data analysis, facilitates:
- Dynamic Pricing: Accurate and competitive premiums.
- Fast Claims: Automated process for near real-time settlements.
- Seamless Integration: Easy API integration into existing systems.
- Fuss-Free Claims: Smooth data collection and faster payouts.
Market Positioning
Loadsure differentiates itself by offering holistic freight protection via dynamic, data-driven risk management. This approach is particularly beneficial in lifting underserved segments like SMBs which find traditional insurance cost-prohibitive.
Industry Recognitions
Loadsure has received multiple awards and accolades, including:
- 2023 SME Finance Awards: Best Cargo & Freight Insurance Broker (Winner)
- 2022 National Insurance Awards: Shortlisted for various categories
Conclusion
Loadsure represents a significant shift in freight insurance, leveraging advanced technology to provide efficient, real-time solutions tailored to the needs of modern supply chains. By addressing the market's longstanding pain points, Loadsure continues to establish itself as a leader in the InsurTech space.