Insurance broker NFP’s Canadian arm has joined forces with UK-based Loadsure on cargo and shippers’ insurance offering.

Under the tie-up, Loadsure will offer cargo and shippers’ coverage to NFP’s Canadian logistics clients shipping cargo globally, which includes inland transit.

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Loadsure leverages AI to provide end-to-end, API-connected digital solution, which is aimed at reducing costs related to conventional underwriting of low complexity risk and claims processing.

Using Loadsure digital platform, NFP can deploy retail broker environments or into insureds’ workflow allowing them to address risk exposure.

Global Logistics Insurance senior vice president Tracy McLean said: “At NFP, we strive to address all our client’s risk management needs by applying forward-thinking and out-of-the-box strategies. As an organisation, we value every opportunity to highlight tools that equip our clients with one-of-a-kind solutions.”

Loadsure is a Lloyd’s of London cover holder and insurtech managing general agent.

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Loadsure CEO Johnny McCord said: “This business busting reality only exists because traditional insurance processes can’t keep up with the just-in-time needs of brokers, shippers, and carriers. Additionally, labour-intensive underwriting makes transactional coverage prohibitively expensive. Through AI and automation, we underwrite risk in real-time, providing instant coverage and granular pricing that cuts per-load coverage costs by up to 80%.”

In August this year, NFP bought Ireland-based Aiken Insurances, which is also a Lloyd’s of London cover holder.

Aiken Insurances specialises in professional indemnity/directors’ and officers’ liability insurance, complex commercial liability and property risks, leisure and entertainment and construction sectors.