Redwood Logistics, a leader in 3rd party logistics, has recently announced a partnership with an insurance platform, Loadsure.
Powered by ML (machine learning) and automation, Loadsure offers an end-to-end insurance solution. Following the collaboration, this solution will be made available to shippers through Redwood’s flagship supply chain iPaaS (integration platform-as-a-service) platform, RedwoodConnect.
For the record, Loadsure is an international Insurtech MGA (Managing General Agent) & Lloyd’s coverholder, which serves shippers and carriers by offering on-demand per-load insurance. This helps them cost-effectively manage risk exposure through a single click as well as resolve the claims settlement in a matter of minutes.
As per the statement made by Redwood Logistics’ Chief Operating Officer, David Rowe, the company controls over $3.5 billion in FUM (Freight Under Management). The recent collaboration will provide an opportunity to strengthen its services for customers and safeguard the valuable freight cargo in the Redwood platform. The company’s ability to aid RedwoodConnect users in gaining access to the Loadsure product demonstrates the way it adopts the latest technologies and ML to offer new & innovative solutions to the supply chains of customers.
RedwoodConnect merges disparate supply chain technologies, offering users streamlined processes, data sharing, and seamless workflows. The recent partnership will provide users with affordable, accurate, wrap-around coverage to effectively manage exposure to risks. The platform will fill the cargo insurance gap in the supply chain industry, streamlining the insurance shopping process and offering users direct access to the coverage.
Johnny McCord, Loadsure’s CEO & Founder, has reportedly stated that several uninsured and underinsured loads are being transported daily in North America, representing a huge threat and liability to the cash flow. The company has expressed its anticipation of partnering with Redwood amid the massive economic disruption, as it will cater to numerous shippers and help them mitigate the risk exposure via their user-friendly technology platform.
Within this technology platform, RedwoodConnect users can connect to the Loadsure module and set coverage selection rules.