LONDON, Dec. 17, 2018 /PRNewswire-PRWeb/ -- 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, CEO of Ascot Group.
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 parsyl.com/lloyds to request more
information.
About Parsyl
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
parsyl.com
About Lloyd's
Lloyd's is the world's specialist insurance and reinsurance
market.
With expertise earned over centuries, Lloyd's is the foundation
of the insurance industry and the future of it. Led by expert
underwriters and brokers in more than 200 territories, the Lloyd's
market develops the essential, complex and critical insurance
needed to underwrite human progress.
Backed by diverse global capital and excellent financial
ratings, Lloyd's works with a global network of over 4000 insurance
professionals to grow the insured world – building resilience for
businesses and local communities and strengthening economic growth
around the world.
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. For more
information go to lloydslab.com.
SOURCE Parsyl, Inc.