NFP, a leading insurance broker and consultant that provides specialized business and personal insurance, group benefits, retirement, and individual solutions, has announced its Canadian-based offices have formed an exclusive partnership with UK-based Loadsure. Through this relationship, Loadsure will provide instant and on demand cargo and shippers’ coverage to NFP’s Canadian logistics clients shipping cargo globally, including inland transit, a significant advantage in an environment where the challenge of securing timely and sufficient coverage has contributed to an underinsurance crisis.
Loadsure is an international insurtech managing general agent and Lloyd’s of London coverholder. The company provides an end-to-end, API-connected digital solution (from premium pricing to claims payment delivery), eliminating the excess costs associated with conventional underwriting of low complexity risk and claims processing. Through the Loadsure digital platform, NFP can deploy this state-of-the-art solution to retail broker environments or even into insureds’ workflow, enabling them to address risk exposures and protect business sustainability rapidly and cost-effectively.
“At NFP, we strive to address all our clients’ risk management needs by applying forward-thinking and out-of-the-box strategies,” said Tracy McLean, senior vice president, Global Logistics Insurance. “As an organization, we value every opportunity to highlight tools that equip our clients with one-of-a-kind solutions.”
“Adding Loadsure’s ability to incorporate data analytics, in real-time, into the marine cargo sector complements our other strategic partnerships, allowing us to provide innovative, best-in-class recommendations to our Canadian shipping clients.”
By partnering with Loadsure’s online platform, NFP’s customers can simply answer a few questions, get a quote, bind and have coverage issued in 40 seconds or less, while having access to Loadsure’s white glove automated claims service.
“Every day, millions of loads are transported under or uninsured,” says Loadsure CEO Johnny McCord. “This business busting reality only exists because traditional insurance processes can’t keep up with the just-in-time needs of brokers, shippers, and carriers. Additionally, labor-intensive underwriting makes transactional coverage prohibitively expensive. Through AI and automation, we underwrite risk in real-time, providing instant coverage and granular pricing that cuts per-load coverage costs by up to 80 percent.”