Loadsure, an international insurtech Managing General Agent and Lloyd’s coverholder, has closed an $US11 million ($14.85 million) Series A funding round, backed by Insurtech Gateway, MMC Ventures and US-based maritime, energy and logistics firm Crowley.

Loadsure uses AI and automation to provide pay-as-you-go, digital embedded insurance for brokers, shippers, and carriers. It now plans to hire experts to accelerate development of its technology and increase its reach.

“We’re delighted to partner with MMC Ventures, Insurtech Gateway and Crowley in driving meaningful change for the freight industry as it continues to wrestle with supply chain disruption and pandemic uncertainty,” Loadsure CEO Johnny McCord said.

Loadsure says it was the first to digitalise the full cargo insurance life cycle, deliver one-click coverage to the US freight industry and offer an international, per-shipment insurance API.

MMC Ventures Principal Alexia Arts says shippers and carriers increasingly expect flexibility, customisation and ease of purchase, and Loadsure is modernising the way the freight insurance market is served with its data driven, embedded product.

“We have been extremely impressed by the domain expertise of the team, with their strong foundations and contacts in the insurance and logistics industry providing the perfect combination to build a seamless and scalable product,” she said.

Loadsure says instant, on-demand risk management is clearly needed as up to 90% of cargo in transit is underinsured, or uninsured, and traditional insurance “can’t keep pace with the just-in-time supply chain”.

Its product enables insurance wholesalers and retailers to profitably service a larger market through scalable, low-to-no-touch digital solutions, it says.