Lead market syndicates embrace new IoT risk management solution to improve marine cargo performance
December 17, 2018 - London - Parsyl, Inc. announced today that Lloyd's and a group of lead market syndicates are spearheading a new initiative to offer crafted risk coverage for sensitive shipments that incorporate the use of Parsyl's Internet of Things (IoT) quality assurance and risk management solution. Parsyl, a supply chain data platform, was one of ten companies selected to participate in Lloyd's new innovation accelerator, Lloyd's Lab. The announcement was made in London at the culmination of the ten week program.
The new initiative is designed for products that require specialist transport and storage, such as temperature controlled foods, biological pharmaceuticals and sensitive life science and high-tech products. By agreeing to place Parsyl's sensors on prescribed shipments, participants may benefit from expedited settlement and reduced claims costs, tailored deductibles and risk mitigation insights based on new data.
The $16bn marine cargo market has been unprofitable for years, with rising loss and expense ratios leading to market wide reforms. Coverage remains largely undifferentiated due to a lack of agility in the underwriting process, yet new sources of data and information are allowing insurers to reshape how they understand risk.
"As a market, it is imperative that we embrace new technology solutions that can lower costs and improve risk selection," said Trevor Maynard, Head of Innovation at Lloyd's. "We created Lloyd's Lab to pursue innovative, technology driven solutions like Parsyl that can address the unique and rapidly changing demands of the Lloyd's market, and are proud to be announcing this initiative as an outcome of the program."
The initiative was co-created by Parsyl and market syndicates Ascot, Antares, Beazley and CNA Hardy, all of whom lead a substantial portion of the global marine cargo business that is underwritten at Lloyd's. The initiative also has the support of AXA XL and QBE, two of the largest marine cargo syndicates at Lloyd's.
"We know that our future success and that of our clients is driven by our ability to find new ways to improve the claims process and better manage risk. By partnering with Parsyl, we're able to greatly enhance our offering with sophisticated and predictive data analytics," said Andrew Brooks, Chief Executive Officer of Ascot Group Ltd. and Ascot Underwriting Ltd.
The Parsyl platform includes its low cost, proprietary Trek multi-sensing hardware devices, mobile application, and web platform that combines granular sensor readings with contextual data, such as cargo tracking, weather and telematics data. Parsyl's software automatically generates interactive shipment visualizations, aggregated performance insights and recommendations for avoiding issues with future shipments. Parsyl's hardware, combined with powerful data analytics, allows insurers to increase profitability, reduce risk, and improve claims.
"By combining our modern approach to supply chain data analytics with the industry expertise of Lloyd's and our syndicate partners, we're able to offer an unprecedented approach to risk management," said Ben Hubbard, co-founder and CEO of Parsyl. "Together we can usher in a new age for the marine cargo industry that is not only better for insurers and their customers, but ultimately for people around the world who depend on crucial goods that are shipped every day."
Brokers and assured clients who are interested in participating in the new program are encouraged to contact one of the participating syndicates or visit www.parsyl.com/lloyds to request more information.
Parsyl is a venture-backed supply chain data platform that helps shippers, retailers and insurers understand the quality conditions of sensitive and perishable products as they move through the supply chain, from the first mile to the last. The Parsyl platform includes its family of proprietary, low cost Trek multi-sensing hardware devices, a mobile application and gateway, and a web platform that combines sensor readings with external data to offer interactive shipment visualizations and aggregated insights. Customers use Parsyl's predictive data and insights to improve shipping performance, manage compliance, scorecard vendors and reduce insurance costs. Parsyl was founded with a mission to improve lives and save money by thinking about supply chain data collection in a new way. Parsyl was founded in 2017 is based in Denver, CO. More information at www.parsyl.com.
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About Lloyd's Lab
The Lloyd's Lab is a fast-track, fast-fail environment where new concepts, ideas and products can be tested with the support and active involvement of the world's specialist insurance marketplace. The Lloyd's Lab run 10-week innovation accelerator programs focused predominantly on designing technology-driven solutions to meet the unique and rapidly changing needs of the Lloyd's market.