Loadsure 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.”