Since launching in 2017, less-than-truckload booking platform MyCarrier has focused on automating the inefficiencies of the industry to benefit both its elite carriers and shippers.
On Tuesday, the company announced its next operational win — dynamic, on-demand insurance in partnership with insurtech provider Loadsure.
“We wanted to find a best-in-class provider that can supply that service and risk mitigation for our shippers. Even for our small to mid-market shipper, a single loss can be catastrophic for cash flow and a whole company’s operation,” co-founder and President Chris Scheid told FreightWaves.
“Loadsure has a tech and data-forward approach to insurance compared to what is available in the industry historically. We needed a significant differentiator in the space to pair with our offerings.”
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That differentiator comes in different forms, from the machine learning used to underwrite each shipment to the claims process for both the shipper and the carrier.
“Loadsure is seamlessly integrated into our application. We already know the shipment details, they just click to buy the insurance during or after the booking process,” said Scheid.
The partnership also remedies the inconvenient procedures of filing and collecting claims.
Using an automated workflow, shippers can file a claim and receive a payment within hours, a process that traditionally could take weeks.
“Loadsure takes the guesswork out of claims and ensures 110% of your complete loss. That includes covering your insurance charge, your freight costs and your invoice costs. When a claim happens, there is some opportunity cost to shippers, so that extra 10% helps make them whole beyond just the freight loss,” he explained.
Scheid said this type of service is table stakes for the company that is now processing over 10,000 LTL shipments per day.
“Losses are happening no matter how proficient carriers try to be,” he said.
While this new partnership alleviates stress for both MyCarrier’s carrier network and shippers, Scheid disclosed there are more solutions to come in 2023.
“A big focus this year will be on financial services for the shipper. We are working on expanding our offerings into freight audit, dispute and payment, not just automating that for the shippers but for carrier operations as well. That two-sided solution makes us unique and we are focused on automating these tractions between the two to resolve any discrepancies in a timely manner.”
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