Since taking part in the first cohort of Lloyd’s Lab we have worked in close partnership with Ascot Underwriting as the Managing Agent, and in cooperation with AXA XL, McGill and Partners, EY and Lloyd’s to launch Parsyl’s Syndicate 1796 and the Global Health Risk Facility (GHRF), which will make available billions of dollars of insurance coverage, together with risk mitigation services to help protect and support the global distribution of critical health commodities, including COVID-19 vaccines.
How is Parsyl simpler for customers?
Parsyl is different because:
- We make commercial insurance as simple as it is in the consumer world. Readily available data is the arbiter, allowing us to offer the broadest cover in the market and eliminating lengthy payment timelines.
- Parsyl’s parametric payments are straightforward. Other parametric policies often use a flat loss payment amount that can be arbitrary. Parsyl’s unique angle on parametric is that we know the value of the shipment, so the loss is paid on that value. We receive an email on how many days of shelf-life were lost in the journey, notify customers and process any claims payments within 72 hours.
- Parsyl also simplifies the non-parametric claims process. Data collected by Parsyl is automatically uploaded to the cloud, and customers and the insurance team are alerted of any problematic shipments upon arrival. Claims can be filed digitally - with the inclusion of that shipment data as proof - from the web application.
Key learnings and questions to ask yourself when looking to simplify your products and services
- Look to develop data-enabled risk management and risk sharing – Parsyl uses a trusted risk trigger via a smart sensor, leading to faster and simplified claims process.
- Parametric policies can be based on actual occurrences – values, data and science.
- Does your supply chain monitoring process also capture near misses to help improve underwriting in the future?
You can find out more about Parsyl by visiting our website and watching our video which shows how Niceland Seafood has improved its supply chain with Parsyl.