AXA XL working with Parsyl for marine risk prevention

Insurer AXA XL is working with Denver, Colorado-based supply chain data platform Parsyl, which helps shippers, insurers and their clients understand the quality of the conditions in which sensitive or perishable products are kept.

AXA XL said on October 2nd that it was using Parsyl’s sensors to analyze data such as location, temperature, light, humidity and movement impact on cargo. It said that this allowed the insurer to offer clients enhanced loss mitigation and risk prevention services.

Rob McAdams, Chief Underwriting Officer, Global Marine at AXA XL, said that “superior risk management starts with superior data; the more the better. Being able to track and visualise the conditions of our clients’ sensitive shipments is incredibly valuable when thinking about risk. The insights gained equip our risk engineers to make practical recommendations to avoid losses or lessen their impact.”

Parsyl CEO Ben Hubbard said that “the marine cargo insurance industry is on the cusp of unprecedented technological shift and we are honoured to be partnering with a forward thinking innovator like AXA XL. We look forward to working together to bring our data-driven risk management approach to the marine cargo market.”