The latest company to join the Blockchain in Transport Alliance (BiTA) is Loadsure, a London-based company that is an international InsurTech Managing General Agent (MGA) with a focus on the freight spot market. Loadsure’s U.S. affiliate is located in Denver, Colorado.
Blockchain technology enables companies to identify and track transactions digitally and share this information across a distributed network of computers. Blockchain allows transportation and logistics companies to operate in an increasingly seamless and transparent manner. It also enables participants to more effectively track goods and freight across the supply chain. Moreover, blockchain can also help to create new revenue streams and value for customers by enabling the completion of transactions and managing fleets.
The concept of Loadsure was developed several years ago by its founder and CEO, Johnny McCord. His extensive background as a Lloyd’s cargo broker helped him to quickly realize that the process to buy and sell policies must be automated. Traditionally slow, manual and costly, automation significantly decreased the time involved, cutting cost and labor-intensive processes.
Concurrently, the U.S. transportation industry, especially the spot freight market, was becoming increasingly digitalized. Existing offerings began to innovate and new offerings came to market, launching high tech electronic platforms and ecosystems to meet the demands of the industry.
The rapid changes in both the insurance and transportation markets, as well as greater acceptance of innovation and technology, led to the introduction of Loadsure.
“BiTA’s vision to drive the standardization and adoption of blockchain technologies aligns perfectly with Loadsure’s vision to advance the way transportation is insured, by providing a fully digital and simple-to-use product that features well-established and emerging technologies,” McCord said.
“Loadsure’s membership in BiTA will lead to collaboration with others in the industry, creating effective blockchain standards for the transportation and logistics industry,” according to McCord. He explained, “Loadsure plans to incorporate blockchain technologies into its solution. This will enable smart contracts to handle Loadsure policies, and utilize the immutable information incorporated in logistics-centric blockchain technologies to improve rating modeling, claims handling and payments.”
BiTA President Patrick Duffy said, “On behalf of the members of BiTA, I welcome Loadsure to the Alliance. Blockchain is transforming the supply chain through greater transparency, innovation and efficiency. Members like Loadsure are one of the keys to BiTA’s success, because the collective knowledge, insight and experience of Alliance members will help enable the best uses of blockchain in the transportation industry.”
Loadsure’s fully digital end-to-end insurance solution uses cutting-edge, cloud-based technology. It provides the spot freight community with a full-service insurtech solution that seamlessly integrates with load boards, marketplaces and transportation management systems, complementing that platform’s customer journey. The user no longer needs to go outside of the platform of their choice to obtain insurance, and no longer needs to take the risk of not having insurance because the time or resources weren’t available to take the traditional route of acquiring such coverage. Insurance can now be added with one click of a button.
Loadsure uses real-time data analytics and AI to provide real-time rating that is realistic and low cost, consistent with its digital approach. The company’s platform handles every step of the process – from onboarding and risk assessment to policy management, payments, digital claims handling, sales and support.
Founded in August 2017, BiTA has become the largest commercial blockchain alliance in the world, with nearly 300 members. BiTA members are primarily from the freight, transportation, logistics and affiliated industries. Alliance members share a common mission to develop a standards framework, educate the market on blockchain applications/solutions and distributed ledger technology, and encourage the use of those applications.