NFP has formed an exclusive partnership with Loadsure, a managing general agent and insurtech in the UK, to offer on-demand cargo and shippers’ insurance coverage to NFP’s logistics clients in Canada.
Loadsure provides an end-to-end, API-connected digital solution that can handle critical underwriting processes such as premium pricing and claims payment delivery. The platform can eliminate costs associated with conventional underwriting of low complexity risk and claims processing.
NFP said that it can deploy Loadsure’s solution to retail broker environments or insureds’ workflow – allowing them to address their risk exposures immediately. NFP’s customers can answer a few questions, get a quote, bind, and have coverage issued within 40 seconds.
“At NFP, we strive to address all our clients’ risk management needs by applying forward-thinking and out-of-the-box strategies,” said Global Logistics Insurance senior vice president Tracy McLean. “As an organization, we value every opportunity to highlight tools that equip our clients with one-of-a-kind solutions.
“Adding Loadsure’s ability to incorporate data analytics, in real-time, into the marine cargo sector complements our other strategic partnerships, allowing us to provide innovative, best-in-class recommendations to our Canadian shipping clients.”
“Every day, millions of loads are transported under or uninsured,” said Loadsure CEO Johnny McCord. “This business busting reality only exists because traditional insurance processes can’t keep up with the just-in-time needs of brokers, shippers, and carriers. Additionally, labour-intensive underwriting makes transactional coverage prohibitively expensive.”
McCord added that through AI and automation technology, Loadsure can underwrite in real-time, offer instant coverage, and offer reasonable pricing that cuts per-load coverage costs by up to 80%.