InsurTech MGA Loadsure announced that it closed its $11 million Series A funding round, led by MMC Ventures. Other investors included Crowley, a global maritime, energy and logistics company, and existing investor InsurTech Gateway.

Loadsure, which delivered the industry’s first transactional cargo insurance platform and automated claims process, plans to 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.

By digitalizing the full cargo insurance life cycle, Loadsure delivers one-click coverage to the U.S. freight industry and offers an international, per-shipment insurance API. A Lloyd’s coverholder, Loadsure leverages AI and automation to provide an industry pay-as-you-go, digital insurance for brokers, shippers and carriers.

Loadsure said it is taking aim at the global underinsurance crisis by enabling insurance wholesalers and retailers to profitably service a larger market through scalable, low-to-no-touch solutions. Today, 60-90 percent of cargo in transit is under- or uninsured, in part because traditional insurance can’t keep pace with the just-in-time supply chain, the company explained.

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.

“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,” commented Johnny McCord, CEO of London-based Loadsure. “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 completely modernizing the way the freight insurance market is served by building a fully digital, data-driven, embedded insurance product,” said Alexia Arts, principal at London-headquartered MMC Ventures. “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”

Source: Loadsure