Ascot – Parsyl Syndicate 1796 Parametric temperature sensitive cargo insurance

Ascot – Parsyl Syndicate 1796 Parametric temperature sensitive cargo insurance

    Industry Sectors

    Technology and innovation: food & agriculture

About the product/service

As the only integrated supply chain monitoring and cargo insurance solution on the market, Parsyl takes the guesswork out of evaluating risk and processing claims by collecting data on what actually happened and who is responsible.

Since participating in the inaugural Lloyd’s Lab in 2018, Parsyl has become a Lloyd’s Coverholder, launched a suite of connected cargo insurance products including the industry’s first parametric temperature policy, and spearheaded the Global Health Risk Facility (GHRF), the world’s dedicated insurance solution for vaccines and health commodities being distributed to the developing world.

Ascot backs Parsyl’s insurance policies and serves as Managing Agent for Parsyl’s Syndicate 1796, anchor of the GHRF.

Supporting greener outcomes

This year Parsyl was named a “Top Green Provider” by Food Logistics Magazine, an award that acknowledges companies for exemplary leadership that enhances sustainability within the cold food and beverage industry.

Parsyl’s insights and data-enabled insurance products offer companies objective and tangible incentives to reduce losses and eliminate waste. Parsyl sensors help customers test more sustainable packaging, its algorithms guide them to more efficient trade routes, and Parsyl connected insurance products fill protection gaps, giving customers the courage to take smarter risks.

Enabling customers today

Since 2018, Senegal’s Ministry of Health has been using Parsyl in national level vaccine cold rooms and freezers. By identifying and fixing faulty cooling units, vaccine spoilage reduced by 24%, proving that data visibility has the power to positively impact cold chain management. Parsyl will soon cover 100% of Senegal’s health cold chain and is currently monitoring Covid-19 vaccines in countries across Africa.

Niceland Seafood used Parsyl’s monitoring and analytics tools to identify which shipping routes result in the highest level of food quality with the lowest carbon footprint. Niceland is also using Parsyl’s first-of-its-kind parametric insurance product, providing fast payout based on a data trigger when a product loss does occur. Parsyl recently settled a marine cargo insurance claim with Niceland in under 8 hours, using smart sensors and pre-configured spoilage triggers to automatically detect and notify the client of the loss.

The Partnership for Supply Chain Management turned to Parsyl for its combined experience with temperature monitoring in the developing world and connected cargo insurance products. The organisation now uses Parsyl monitoring devices in all of its cold chain and temperature controlled shipments.