Meet the 2023 Go:Tech Awards winners: Loadsure
Loadsure was honoured with the esteemed Fintech Business Of The Year award at the 2023 Go:Tech Awards, impressing the panel of judges with its exceptional performance. In an industry where technology has revolutionised the financial sector, Loadsure has successfully carved out a unique space in the insurance market.
By leveraging technology, the company has created a valuable solution that benefits its expanding customer base. Notably, Loadsure recently concluded an impressive $11m (£8.4m) Series A funding round, further fueling its growth and innovation.
We caught up with Johnny McCord, Founder and CEO at Loadsure, after scooping the Go:Tech Awards trophy to talk inspiration, breakthroughs and more.
Can you share with us the inspiration behind your winning business and how it addresses a specific industry challenge or opportunity?
With 20 years of experience in freight insurance, primarily focused on cargo and logistics, I well understood the pain points that many of my customers faced and I shared those frustrations.
Globally, >60% of cargo shipped is under- or un-insured. Traditional insurance cannot profitably offer the speed and flexibility of products necessary for today’s just-in-time supply chain, which is accordingly vulnerable.
Knowing all this and armed with my insights and genuine passion for a community that I’ve grown to love, I set out to build the solution.
I knew that technology would be a vital component in solving this underinsurance crisis and I conceived of a digital native Insurtech MGA that could harness industry data and machine learning to accurately price risk, instantaneously.
And so Loadsure was born – taking on risks that larger, less nimble carriers cannot, as well as harnessing AI, predictive analytics and automation to accurately underwrite low-complexity, high-volume business in real-time.
The result is instantly accessible, affordable insurance that enables cost-effective cover for the supply chain, regardless of the size of the business.
Could you describe the key milestones or breakthroughs you achieved during the development of your project, and how they contributed to its success?
Since our launch in 2018, Loadsure has enjoyed numerous milestones and experienced many industry firsts.
To highlight but a few achievements we:
- Secured the confidence of the Lloyd’s insurance market, culminating in our cover holder status in 2019 which was a massive endorsement of our business
- Administered our first fully-automated purchase entirely within our digital framework – a major technological milestone.
- Completed a series A fundraise – a confirmation of our progress
- Integrated into the Transportation Management System platforms and load boards of household names within the freight community while building upon partnerships with leading freight insurance wholesalers and retailers, demonstrating the market appetite for Loadsure’s unique technology-powered insurance products
- Settled a claim in under 10 seconds
As a winner at the Go:Tech Awards, what advice do you have for aspiring entrepreneurs or innovators who are looking to make a difference in the technology sector?
Firstly, have empathy for your customer and ensure that your business and the technology you harness addresses a real problem.
There are a lot of technology providers out there looking to disrupt without a real understanding of the issues. So look to be your client’s partner and create a bespoke, purpose-built and tech-enhanced product that truly supports their business.
Secondly, understand that being an entrepreneur requires a lot of grit and determination. Believe in yourself and in your ideas; keep moving forward!
Finally, do not underestimate how long technology takes to develop – be conservative in your estimates and factor this into your forecasts.
Do you have any advice for entrepreneurs considering entering the Go:Tech Awards in the future?
Awards such as the Go:Tech awards validate your work. It’s a recognition of your efforts, and achievements and signals your positive trajectory.
One crucial bit of advice is to share this recognition with your entire team. Your success is often built in collaboration with many others; ensure that everyone is appreciated!
Looking ahead, what are your future plans for your business?
Scale the team, continue to deliver on our promises and bring “Holistic Freight Protection” to the global freight industry!