London-based insurance tech firm Loadsure announced a $11m funding injection today as it looks to ramp up its tech development for the global cargo and freight insurance market.
The new funding round, led by MMC Ventures with support from global maritime and logistics company Crowley and existing investor Insurtech Gateway, will be channelled into providing instant “on-demand” risk management solutions.
Bosses said demand for tech in the space had soared as the pandemic strained supply chains.
“Today, 60 to 90 per cent 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 firm said.
“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 developed the market’s first digital cargo insurance platform and automated claims process, and bosses said the new funding would develop solutions to soothe some of the industry’s covid strains.
‘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,” ” said Loadsure boss Johnny McCord said.
“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.”