Loadsure, an insurtech managing general agent (MGA) and Lloyd’s coverholder, has commenced its European operations, targeting the issue of underinsured or uninsured cargo in transit.
Initially, it will focus on the Benelux region, Denmark, Finland, France, Germany, Norway and Sweden.
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Loadsure, headquartered in London, utilises high-resolution data, AI and automation to offer advanced freight insurance and insight products.
Concurrently, the company announced that Ben Brough, a professional with more than 28 years of industry experience, has been appointed as director of Europe.
Brough joins from Munich Re and his responsibility at Loadsure includes overseeing the European operations.
Throughout 2024 and beyond, Loadsure plans to continue its expansion in Europe.
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By GlobalDataAccording to Loadsure, more than 60% of global cargo in transit is underinsured or uninsured, a situation exacerbated by traditional insurance processes failing to match the pace of the just-in-time supply chain.
This gap in coverage leaves freight brokers, shippers and carriers, particularly small-to-medium-sized businesses, exposed to significant risks.
Building on its success in North America, where Loadsure has forged partnerships with insurance wholesalers and retailers, the company is introducing its Holistic Freight Protection to Europe.
This approach combines automated, data-powered solutions with risk assessment, claims assistance, risk mitigation strategies, knowledge sharing and collaborative partnerships.
Following a phased launch, Loadsure will make all its freight insurance products available to insurance intermediaries across Europe.
These products include Thames, an on-demand cargo insurance product; Huron, an ocean cargo and stock throughput insurance solution; and Danube, a dynamic ocean cargo insurance product.
Loadsure CEO and co-founder Johnny McCord said: “We are looking for progressive, forward-thinking, tech-savvy insurance broker partnerships; we know that there is huge demand for technology-enabled freight insurance, making this the perfect time for Europe’s insurance market to upgrade to the new era of holistic freight protection.
“The freight industry is being transformed by digitalisation and we look forward to working closely with local distribution partners to deliver the leading edge, tech-powered solutions the freight community demands.”
Brough added: “The freight and logistics sectors in Europe play a vital role in facilitating trade and maintaining the smooth flow of goods. But they face a difficult supply chain environment exacerbated by the war in Ukraine, Covid-19, Brexit sustainability concerns and the need to adapt to technological transformation and integration, with transportation costs going up across the globe.
“Streamlining processes and investing in digital solutions is critical to deal with these issues. At Loadsure, we enable our clients to enhance their risk management practices, protect their financial interests and navigate the challenges of the industry more effectively.”
