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    Loadsure raises $11 million Series A funding

    Insurtech MGA Loadsure the company announced that it had closed its Series A funding round of $11 million, which was led by MMC Ventures Crowley is also a member of the global maritime insurtech Gateway is an existing investor and a logistics, energy and transportation company. Loadsure, which delivered the industry’s first transactional cargo insurance platform and automated claims process, will rapidly scale its organization 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.

    There is a clear need for immediate, on-demand management of risk. Today, 60 to 90% of cargo in transit is under or uninsured, 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 leverages AI, automation and is directly targeting the global underinsurance crises. It enables insurance wholesalers as well as retailers to profitably serve a larger market using scalable, no-touch solutions.

    ‘We’re delighted to partner with MMC Ventures, Insurtech Gateway, and Crowley in driving meaningful change for the freight industry,” Johnny McCord, CEO of Loadsure, “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 a pioneer in freight insurance innovation. It was the first company to digitalize the entire cargo insurance lifecycle, provide one-click coverage for the U.S. freight sector, and offer an international per-shipment insurance API. It will now expand its entrepreneurial organization to assist brokers in better serving their communities and to understand risk and decrease loss.

    “Loadsure is completely modernizing the way the freight insurance market is served by building a fully digital, data-driven, embedded insurance product. We were impressed by the depth of expertise and contacts they have in the insurance and logistics industries. This combination allowed us to create a seamless product that is scalable and easily scaleable. Loadsure’s product aligns with the changes that are happening in the market with shippers and carriers increasingly expecting flexibility, customization and ease of purchase” says Alexia Arts, Principal at MMC Ventures.

     

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