The challenge

Cargo insurance has always been a relationships-driven business, with deals being done every day based on rapport and trust. This human-centric approach has meant that the industry has been extraordinarily resistant to the wave of InsurTech digitisation.

For Johnny McCord, CEO of Loadsure, the challenge was to digitalise cargo insurance processes in a manner that enhanced rather than replaced the human factor.

The opportunity

Loadsure partnered with Noria to build a digital end-to-end platform enabling cargo insurance to be procured at the click of a button.

Human-centric technology was needed to remove the friction points in cargo insurance and make the process more efficient to enable far more cost-effective insurance products for end customers.

With a mission to evolve insurance into “Freight Protection 2.0”, Loadsure’s goals included:

• Enabling customers and insurers to move away from the blanket approach typically taken by insurance, whereby cover is priced annually based on historical data. Instead, a premium can be generated based on a specific shipment on a specific day for a specific transit.
• Using up-to-the-minute data, in any volume, to create instant quotes. This levels the playing field in terms of access to quality cover for organisations of all sizes.
• Creating a fully automated claims system that delivers a white-glove approach and much greater transparency, resulting in far fewer errors and transformative turnaround times.
• Enabling significantly faster settlement processes: customers can now make a claim and know if it has been successful within days.
• Leveraging machine learning: the more claims the system handles, the more accurate and efficient its predictive analytics will become. The Loadsure team believes that, soon, many claims will be settled in minutes.

Noria’s approach

Noria leveraged its multi-functional offering and years of experience supporting technological transformation in the insurance industry to assist Loadsure with:

• The back-end development of its core technology platform.
• Front-end development of its human-centric UX interface.
• Scaling real-time industry insights to help transform cargo insurance.
• Shaping the business model for Loadsure’s game-changing InsurTech offering.
• Building and marketing the Loadsure brand in a way that increases its visibility and resonates with customers and the insurance industry at large.

Noria’s Chief Executive for Software, Ronny Reppe, recognised the potential in Loadsure immediately. “The Loadsure business model comprises all of the most important elements of a digital insurer,” he explains. “It combines an end-to-end digital customer journey with high automation and efficiency, analytics, connected insurance, and the ability to integrate into new ecosystems. That’s why it will be such a success.”

Impressive results

Loadsure has seen rapid growth in just 18 months. It is now visible to over 20 per cent of the digital spot insurance market. The company has built up a profile with some of the biggest names in the freight technology platform space to distribute its product, initially focusing on North America but expanding into Europe and beyond.

Current partnership integrations include Kleinschmidt, Trucker Tools, Redwood Logistics, and Transship. Loadsure also won the InsurTechNY 2021 Early-Stage InsurTech Competition VC Investor Prize and was named to the FreightTech 100 list.

“Noria has been a great partner for Loadsure”, says McCord. “They were instrumental in the early stages of setting up. Noria was there from day one through the different phases of embryonic start-up, guiding us in setting up our roadmap and helping us map out our strategies, from the technology we need to build to the marketing we needed to deliver.”

“What has impressed me most about Noria is their ability to adapt as we’ve evolved. They have continued to support us with our core, back-office system while building a platform using cutting-edge technology. They are a partner for life and I wouldn’t be standing here today without Noria’s support and guidance.”

Get in touch today. Send mail to ronny.reppe@noria.no to discuss how we can help transforming your business.

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