As part of a broad industry collaboration, insurance broker Aon had put together for clients a product that will provide supply chain protection for global Covid-19 vaccine shipments.
Aon said that the solution, by combining sensor data and analytics, would offer transparent cargo insurance coverage for Covid-19 vaccines.
The product is an enhancement of all-risk marine cargo insurance. Aon said that it provided for timely payment if doses fall outside of an agreed-upon temperature range while being transported or stored. It said that this would enable more effective risk management and claims support.
Real-time reporting of any temperature deviation would reduce the likelihood of losses and should help maximize the number of doses that are administered to the public, said Aon.
Denver, Colorado-based insurtech firm Parsyl will provide a dedicated data platform for the solution on behalf of the insurers on the risk. Specialist underwriter Ascot Group is the lead underwriter. Binding insurers are Chubb European Group SE and AIG, with reinsurance support from Munich Re.
Other participating insurers include AEGIS London, Antares Managing Agency Ltd. (a QIC Global company), Axa XL, Axis Insurance, Beazley, Fidelis, MS Amlin and Talbot.
Aon said that it would be donating all revenues earned from this solution during 2021 to a charity dedicated to eradicating the global human and economic toll of the pandemic.
The solution is available to qualified parties in the vaccine supply chain, including pharmaceutical firms, government bodies, transportation and logistics companies, distributors, health systems, pharmacy chains and inoculation centres.
“We’re pleased to be part of another collaboration of market leaders coming together to address the biggest global health crisis of our time,” said Andrew Brooks, CEO of Ascot Group. “This collaboration will make available more capacity and bring to market additional products that will enable effective vaccine distribution at a global scale.”
Ben Hubbard, CEO of Parsyl, said that “it’s critical that we deliver potent Covid-19 vaccines to everyone, everywhere. To do that, we must collect data to understand what happens to these sensitive shipments as they make their journey from factory to syringe”.
ChronosCloud, Intel, Mastercard and Sensitech, a part of Carrier Global Corp., have agreed to donate access to certain platforms, blockchain technology or devices as part of the risk management solution.