LONDON – August 6, 2020 - Lloyd’s of London Managing General Agent, Loadsure, today announced its partnership with settlement and liquidity management platform, Vitesse. Together, they will enable settlements to brokers, shippers, and carriers around the world in minutes versus weeks and months.
While traditional insurance claims typically take 30 days or more to resolve, Loadsure’s fully-digital claims process leverages automation and machine learning to accelerate decisions. With Vitesse, Loadsure can now also deliver near-instant claims payments into customer accounts within an FCA regulated environment. As Vitesse uses its own in-country distribution network, it’s able to avoid intermediary bank charges, as well, so that customers receive the full value of their claims settlement.
“The Vitesse global network executes payments to our customers in minutes, which is critical in times like these.” says Loadsure CEO, Johnny McCord. “Like us, they’re not only faster than established solutions, they’re also more cost effective. We’re thankful for the opportunity to partner with Vitesse in offering solutions that help transportation businesses thrive, regardless of downward pressures.”
COVID-19 has driven a global economic slowdown, which has caused the transportation industry to struggle. Risks are increasing, and accident liability insurance costs are rising. To survive, transportation businesses must find new ways to lower costs and increase efficiencies. Protecting cash flow is mission-critical. This is particularly true for small transportation businesses that don’t have large reserves to sustain them through difficult financial times. When faced with a loss, these same transportation businesses may wait weeks, or even months, to receive a claims settlement through traditional means—all at a time when they’re operating on thinner margins than ever before. Loadsure and Vitesse seek to change that.
“We see tremendous opportunity to help support transportation businesses in the time of COVID,” says Vitesse PSP CEO, Phil McGriskin. “And we’re very excited to be leading the charge with Loadsure, a leading innovator in the transportation industry. Our joint commitment to leveraging technology and payments, within an FCA regulated structure, is going to mean significant benefits for Loadsure customers, whilst also giving Loadsure multiple operational efficiencies and absolute control and transparency over all funds.”
Loadsure is an international Insurtech Managing General Agent (MGA), and its eyes are set on revitalizing the freight spot market with exciting new technology. With an innovative digital product, it takes the lead, fueling growth and driving diversification within the market. Loadsure’s fully digital end-to-end, cloud-based insurance solution leverages predictive analytics and cutting-edge tech stack to provide the spot freight community with a full-service insurtech solution, integrated with leading digital transportation management platforms. Visit loadsure.net.
Vitesse has built a market-leading global domestic settlement and liquidity management system to hold funds and execute cross-border payments. Vitesse’s technology makes outward-bound payments faster, more reliable and effective and at a fraction of existing costs. As an FCA-regulated payments company, Vitesse operates one of the largest domestic banking and payment networks globally, giving customers direct access to more than 100 countries’ domestic payment networks. Vitesse brings the current banking platforms’ capability into the 21st century, truly benefiting their clients’ current payment and transaction banking arrangements. Vitesse are on track to be the preferred supplier for the insurance market, to hold loss funds and manage payments for the entire market. Visit Vitessepsp.com