Enhanced coverages for certain marine cargo classes

Denver, Colorado-based Parsyl has linked with Lloyd’s market syndicates Ascot, Antares, Beazley and CNA Hardy to offer cover for storage-sensitive shipments.

Parsyl, a supply chain data platform, was one of 10 companies selected to participate in Lloyd’s new innovation accelerator, Lloyd’s Lab. The announcement was made in London at the culmination of a 10-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. Parsyl’s sensors will be placed on prescribed shipments, enabling participants in the initiative possibly to benefit from expedited settlement and reduced claims costs, tailored deductibles and risk mitigation insights based on new data.

Parsyl said that the $16bn marine cargo market had been unprofitable for years, with rising loss and expense ratios leading to market wide reforms. Coverage remained largely undifferentiated due to a lack of agility in the underwriting process

Trevor Maynard, Head of Innovation at Lloyd’s, said that “as a market, it is imperative that we embrace new technology solutions that can lower costs and improve risk selection”, adding that Lloyd’s Lab was created to pursue innovative, technology driven solutions such as Parsyl that could “address the unique and rapidly changing demands of the Lloyd’s market”.

The initiative was co-created by Parsyl and the Lloyd’s market syndicates of Ascot, Antares, Beazley and CNA Hardy. The initiative also has the support of AXA XL and QBE.

The Parsyl platform combines granular sensor readings with contextual data, such as cargo tracking, weather and telematics data. Parsyl’s software generates interactive shipment visualizations, aggregated performance insights and recommendations for avoiding issues with future shipments.

Brokers and assured clients who are interested in participating in the new program can contact one of the participating syndicates or visit www.parsyl.com/lloyds to request more information.

The Lloyd’s Lab was created as a fast-track, fast-fail environment where new concepts, ideas and products could 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. For more information go to lloydslab.com.