This startup develops data-driven supply chain management solutions that integrate logistics and embedded excess freight insurance for long-haul trucking. By addressing detention pay complications, the company enhances operational efficiency and reduces financial risks for logistics firms.
Funding
$520K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Trucking companies face challenges in securing flexible, short-term insurance coverage to match the specific needs of each load, leading to either under-insured loads or costly annual policies that don't align with actual risk exposure. Obtaining single-trip insurance can be difficult and time-consuming, often requiring several days and incurring minimum premiums that are too high for many carriers. This inflexibility limits carriers' ability to take on higher-paying loads that require increased coverage.
Solution
CargoLabs provides a self-service digital platform that enables trucking companies, freight brokers, and MGAs to instantly quote and bind short-term insurance coverage tailored to individual loads. The platform eliminates the need for paper applications and underwriter wait times, allowing carriers to quickly obtain the necessary coverage for higher-value shipments. By offering on-demand insurance up to $1MM per trip, CargoLabs empowers carriers to increase their profitability by accepting higher-paying loads without the burden of expensive annual policies. The platform also streamlines insurance distribution for MGAs and automates compliance for brokers.
Target Audience
CargoLabs serves motor carriers, freight brokers, MGAs, insurance agents, and equipment providers seeking flexible and efficient insurance solutions for the transportation and logistics industry.
Features
- Instant quote and bind capabilities for single-trip excess cargo, auto, and physical damage insurance
- Digital certificate generation immediately after purchase
- API access for third-party developers to integrate insurance services into existing platforms
- Two-sided marketplace connecting motor carriers with insurance providers
- Automated compliance tools for freight brokers
- Online platform accessible anytime, anywhere
- Support for various insurance products including XS Cargo, XS Auto, Physical Damage, Occ/Acc, NTL, Double Broker, and Trailer Interchange