Morpheus.Network has partnered with spot freight cargo insurance company Loadsure to roll out automated cargo insurance to the global market.

The new solution, which will utilise block chain technologies, API integrations, and IoT devices, will allow brokers, shippers, and freight forwarders to cut down insurance costs and claims settlements.

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As part of the partnership, Loadsure will provide its Pay-As-You-Go insurance solution to Morpheus.Network users.

Loadsure CEO Johnny McCord said: “We’re very excited about the customer benefits that Morpheus.Network block chain technologies bring to our solution.

“This trusted record across the entire supply chain eliminates the verification and subjectivity ordinarily involved in claims. For our customers, that means we can dramatically speed-up claims and reduce processing costs — savings that we pass on to them.”

Morpheus.Network co-founder and COO Noam Eppel said: “We’re bringing together all of the fragmented pieces of the supply chain puzzle and ensuring everything happens at the right time and in the right place — mitigating disruption and reducing costs.

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“Loadsure is a critical piece of that puzzle. We’re thrilled to now offer automated insurance policies and also automatically trigger claims when refrigerated loads exceed temperature thresholds, for example. At the end of the day, it’s all about making things simple. Loadsure helps us do just that.”

Loadsure recently secured investment of £1.1m in a seed funding round to support the launch of spot freight cargo insurance in the US market.