TNI || New Delhi || 12th Sept 2021
As per a press release rolled out by DAT officials, Loadsure will use automation and artificial intelligence to provide single-trip cargo insurance for brokers, shippers, and motor carriers.
The insurance cost is completely based on the pricing that matches each load, and thereby will reduce costs up to 80%, DAT officials said in a press release.
This partnership will help DAT customers to either add or expand coverage and hence will make it easier than before to insure a load in no time directly from load boards of DAT, the company officials added.
DAT customers would be able to manage claims directly and swiftly through either their DAT desktop dashboard, or a custom integration that can also be in place, or through a third-party transportation management system.
As per the company officials, what Loadsure does is underwrite risk in real-time, and also covers commodities and losses that are not normally covered by any carriers liability policy, such as inside thefts, Acts of God, and copper and heavy machinery.
According to Johnny McCord, who is Loadsure Founder and CEO, underinsurance is a crisis in the U.S. as up to 80 percent of loads are either underinsured or uninsured.
It is primarily because traditional insurers are not able to keep pace with today’s freight market. He adds that by leveraging AI, Loadsure dynamically matches each policy to the load, provides coverage in seconds, and also reduces the costs to the tune of 80%.