Insurtech Managing General Agent (MGA), Loadsure has announced a partnership with wholesale specialty insurer and MGA, Burns & Wilcox.
Under the partnership, Burns & Wilcox will offer Loadsure’s AI-powered trip transit insurance coverage to independent brokers across Canada, giving them access to dynamically priced, pay-as-you-go, all-risk smart coverage and automated claims, on a platform that reportedly takes just forty seconds to secure coverage.
In addition, with labour-intensive traditional processes rendering single trip coverage unprofitable for insurance brokers, and being too slow and expensive for small and medium-sized enterprises (SMEs), many SMB’s are operating with broad exposure as a result.
Loadsure harnesses high resolution data, AI and automation to deliver the cost-effective coverage these businesses need, facilitating up to $2 million of pay-on-demand insurance for solo trip coverage.
By having access to this industry-first transactional cargo insurance platform and automated claims process, Burns & Wilcox brokers can now support underserved SMEs through this solution.
Loadsure CEO Johnny McCord said, “We are pleased to announce our partnership with Burns & Wilcox. Their team has decades of experience supporting retail partners in the transit and cargo market, and they understand the pain points faced by brokers and assureds. Through this collaboration, we’ll deliver business-saving protection and much-needed peace of mind to the freight community. It’s exciting for us to expand across Canada as we continue to modernize the freight insurance market.”
Fernando Batista, Associate Manager, Transportation, Burns & Wilcox Canada, added: “We are excited to deploy this capability to our broker partners across Canada as it will dramatically reduce a broker’s response times to their customer’s single load coverage requirements and showcase the greater need for usage-based insurance options.”