Loadsure is a digital MGA that provides automated insurance policies to the North American spot freight market. It specifically operates at the transactional tier of the placement pyramid, believing that high volume, transactional business does not need to be placed by talented Underwriters. Instead, such business should be served through analytics and algorithms on an on-demand basis.With such advancements made in the American spot freight market, there is an opportunity for London to adopt similar methods to become more competitive.
The digital MGA was created as the cargo market was - and is - experiencing time-critical pressures, as well as overcapacity, high loss ratios and unknown exposures. At the same time, the London market is sitting on a vast amount of rich data that cannot be fully utilised by traditional methods of modelling.
Loadsure addresses these complex issues by adopting a digital environment, utilising analytics, and machine learning algorithms to provide sustainable, scalable, and competitive pricing. The digital nature of their business means that they can serve customers directly, whilst complying with regulatory needs. A key USP is the competitiveness of the product, with efficiencies in place to ensure both the Customer and Insurer achieve a fair price.
Loadsure integrates Concirrus’ Quest Marine Cargo platform into its offering to draw on a wealth of insights and automate outcomes. It specifically allows for sustainable and profitable underwriting in real-time. Such technological advancements are being embraced by Lloyd's,with Loadsure becoming part of the Lloyd's Lab 2020 cohort.
The adoption of leading technology ensures Loadsure can provide an on-demand, direct-to-consumer approach. The firm believes that the key to innovation in such a complex market is simplicity.
“Cargo is complex, both in its use of a traditional placement model and its associated exposures. We leverage innovation alongside partners, such as Concirrus, to create a proposition that reinvents and simplifies transactional placement, driving value for all parties.” – Johnny McCord, CEO, Loadsure.