Parsyl

Parsyl helps customers strengthen their supply chain by integrating risk monitoring with insurance. Because we're collecting granular, objective data, we can pay claims fast without the usual headaches – all while helping clients reduce future risk. We recently demonstrated this with an air cargo client – our smart sensors identified a temperature issue and we paid a claim in a record breaking eight-hours. That’s the power of simple, data-enabled cargo insurance.

Victoria Zak, Director – Insurance Solutions, Parsyl

Parsyl is a supply chain data company and cargo insurer, protecting all things perishable (including meat, seafood, poultry, produce, dairy, vaccines and life sciences). We offer a suite of data-driven cargo policies to fit every perishable shipper’s needs and are working to transform how essential supply chains manage and share risk.

Parsyl’s smart sensors (called Trek devices) detect temperature, location and humidity. These data loggers are put into shipments to monitor goods from beginning to end, in storage and transit. We inform customers of both catastrophic and near miss temperature breaches and identify ways we can proactively reduce their risk. Customers also have the option of integrating data from other sources, such as other sensors or equipment data.

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.

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Watch the Parsyl video