InsurTech MGA Loadsure has received capacity baking from leading specialist international insurer Tokio Marine Kiln (“TMK) to further enhance its data driven freight protection offering.
By leveraging powerful predictive analytics tools, InsurTech Loadsure has set out to deliver on-demand spot freight cargo insurance to the US market, enabling brokers, shippers and carriers to cut costs significantly.
Founded in 2018, Loadsure is the industry’s first digital-native InsurTech MGA and Lloyd’s coverholder. It directly addresses the freight underinsurance crisis with data powered, AI-priced, on demand cargo cover.
This collaboration is part of a broader approach undertaken by TMK as they look to drive digital innovation and modernisation within the market.
The partnership aims to develop a framework that will enable Loadsure to further expand its platform capabilities, supported commodities and geographic outreach, as well as promote the development of its overall growth strategy.
Johnny McCord, CEO, Loadsure, said, “We are excited that such a renowned carrier as TMK is partnering with us as a lead capacity provider; a clear endorsement of our strategy and innovative offering. TMK’s progressive underwriting approach and outlook on the future of our market dovetail neatly with our own. We look forward to working together on the opportunities TMK’s support makes increasingly possible.”
Richard Hooks, departmental head of marine & energy at TMK added, “TMK is at the forefront of providing practical insurance products that address existing and emerging risks. We partner with a wide range of organisations, including insurtechs, academic institutions and businesses, to harness expertise and help clients transfer risks, fulfil ambitions and navigate change.
“Loadsure’s dynamic and integrated platform is an example of an agile programme that supplies cost-effective, flexible insurance. As the market evolves and modernises, we are committed to supporting ventures like this.”
In March 2022, Loadsure raised $11m in Series A funding led by MMC Ventures for its freight insurance technology.
Copyright © 2023 FinTech Global
