Loadsure, a UK-based insurtech MGA, has partnered with the Canadian office of NFP, an insurance broker and consultant, on cargo and shippers’ coverage.
The move will see Loadsure provide instant and on demand cargo and shippers’ coverage to NFP’s Canadian logistics clients shipping cargo globally, including inland transit, where the challenge of securing timely and sufficient coverage has reportedly contributed to an underinsurance crisis.
By partnering with Loadsure’s online platform, NFP said its customers will be able to answer a few questions, get a quote, bind and have coverage issued in 40 seconds or less, while having access to Loadsure’s white glove automated claims service.
NFP provides specialized business and personal insurance, group benefits, retirement, and individual solutions.
Loadsure is an international insurtech MGA and Lloyd’s of London coverholder that provides an end-to-end, API-connected digital solution, from premium pricing to claims payment delivery, eliminating excess costs associated with conventional underwriting of low complexity risk and claims processing.
Tracy McLean, senior vice president, Global Logistics Insurance, said: “At NFP, we strive to address all our clients’ risk management needs by applying forward-thinking and out-of-the-box strategies. As an organization, we value every opportunity to highlight tools that equip our clients with one-of-a-kind solutions.
“Adding Loadsure’s ability to incorporate data analytics, in real-time, into the marine cargo sector complements our other strategic partnerships, allowing us to provide innovative, best-in-class recommendations to our Canadian shipping clients.”
Loadsure CEO, Johnny McCord, said: “Every day, millions of loads are transported under or uninsured. This business busting reality only exists because traditional insurance processes can’t keep up with the just-in-time needs of brokers, shippers, and carriers.
“Additionally, labor-intensive underwriting makes transactional coverage prohibitively expensive. Through AI and automation, we underwrite risk in real-time, providing instant coverage and granular pricing that cuts per-load coverage costs by up to 80 percent.”