InsurTech MGA Loadsure has raised $11m in Series A funding led by MMC Ventures for its freight insurance technology.
Also participating in the round was global maritime, energy and logistics company Crowley and existing investor InsurTech Gateway.
Loadsure leverages AI and automation to provide a transactional cargo insurance platform and automated claims process.
said it will rapidly scale its organisation to accelerate the development of its proprietary smart technology, increase its reach, and better serve the global cargo and freight insurance market through a more efficient, effective distribution chain.
The InsurTech highlighted that 60 to 90% of cargo in transit is under or uninsured, the company said this is in part because traditional insurance can’t keep pace with the just-in-time supply chain. As a result, many freight brokers, shippers, and carriers are operating with broad risk exposure, especially small-to-medium-sized businesses, which have historically been underserved by the insurance industry, Loadsure added.
Johnny McCord, Loadsure CEO, said, “‘We’re 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.”
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