Stephen Catlin 'impressed' with Loadsure's one-click freight cargo insurance solution

London-based insurtech managing general agent (MGA) Loadsure is set to launch on-demand spot freight cargo insurance marketplace and transportation management system platform in the US, having received £1.1 million in its latest funding round.

The investment was led by insurtech incubator and fund Insurtech Gateway, alongside other corporate and angel investors.

The Lloyd’s coverholder has designed a fully automated, end-to-end digital platform to enable brokers, shippers, and carriers to significantly cut per-load insurance costs and accelerate claims settlements from days to hours.

According to industry veteran Stephen Catlin, a Loadsure advisor, chairman and CEO of Convex: “Spot Freight industry is a huge market with a complex value chain where a significant volume is not insured or is underinsured. The digital end-to-end solution created by Loadsure is impressive, as is the scope of their ambition.”

The insurtech noted that "just as Uber and Lyft harnessed real-time data and a fully automated digital process to revolutionize the taxi industry, the transportation insurance industry is similarly primed for evolution."

Johnny McCord, Loadsure founder and CEO, said: “Insurtech Gateway has given us the confidence and support network to achieve our goals as we take Loadsure to the next level. We now have a broader set of experts behind us to help navigate the rocks that founder many startups. Their subtle but supportive approach with Loadsure has been massively appreciated.”

Robert Lumley, co-founder of Insurtech Gateway, added: “Informal marketplaces are vulnerable, lacking insurance protection for customers, and that was true of the spot freight market, until now. Loadsure really impressed us with their plan to be at the leading edge of this rapidly modernising sector.”