Booking per-trip insurance has traditionally been a time-consuming and frustrating process for hauliers and freight brokers, forcing them to accept cumbersome processes or put their businesses at risk with inadequate coverage.
Thanks to a new integration between freight insurance specialist Reliance Partners, insurtech pioneers Loadsure and TMS provider McLeod Software, the process has become fast, simple and frictionless. Asset-based carriers and freight brokers can now purchase A-rated, all-risk Shipper’s Interest insurance on a per-load basis within the McLeod ecosystem where they book their loads.
When McLeod users activate the Logix Solution for Cargo Insurance module, they have instant access to the streamlined process for purchasing additional cargo insurance. With the click of a button, order details are submitted. Within seconds, the system presents the user with the tailored premium and deductible, complete with terms and conditions. If plans change and the need to cancel the policy arises, users can do so with just a few clicks.
“Traditional quotes per shipment require clicking through multiple third-party websites and manually entering all the order details each time just to get a quote. Our latest Logix Solution for Cargo Insurance software streamlines the entire process of purchasing additional cargo insurance,” said Ryan Sparrow, DocumentPower™ Product Manager at McLeod Software.
Users don’t just have access to an out-of-the-box module. They can also lock in rates for each commodity type for further automation and to avoid price fluctuations. They can be set up with locked rates by contacting Reliance Partners.
“Reliance Partners has been pioneering usage-based insurance products specifically for the freight industry for the past eight years. For the past five years, the company has been hyper-focused on the shipper’s interest due to the growing need and demand,” said Mark Vickers, Executive Vice President and Head of International Logistics at Reliance Partners.
Shipper’s Interest insurance is important to fill gaps in coverage for shipments where carriers may limit their liability.
“Protecting our customers and their freight is Sunset Transportation’s number one priority. Reliance Partners’ Shipper’s Interest insurance programme has enabled us to provide our customers with all-risk coverage for high-value, LTL and even cross-border freight,” said McLeod user John Sutton, Director of Corporate Support Sunset Transportation.
Jim Heide, co-founder of Loadsure, added: “We founded Loadsure to bring data-driven, AI-priced insurance to the entire freight community, protecting supply chain businesses from loss regardless of size. Our partnership with Reliance enables McLeod users to purchase cargo insurance in less than a minute without leaving the TMS ecosystem, eliminating cumbersome processes and providing valuable peace of mind.”
Motor carrier and freight broker customers have been testing the integration for the past year, and it is proving to be an effective solution.
“Since integrating the automated Reliance Partners/Loadsure Shipper’s Interest portal with McLeod, our sales, operations and risk management teams are now working in sync and we are now handling potentially higher risk freight with confidence,” said Sutton. “It’s great to see that McLeod, Reliance Partners and Loadsure have come together to create the Logix Solutions cargo insurance module that you can now turn on in PowerBroker and LoadMaster.”
