AXA XL is to offer its clients enhanced loss mitigation and risk prevention services with Internet of Things (IoT) technology provided by venture-backed supply chain data platform, Parsyl Inc.
This partnership with the Colorado-based firm will make it possible to cost effectively place IoT sensors alongside sensitive marine cargo, providing insights into the travel of a product through the entire supply chain.
Hélène Stanway, Digital Leader at AXA XL says that Parsyl’s sensors, combined with its experience in large-scale data mining to analyse data such as location, temperature, light, humidity and movement impact on cargo will allow “a more granular and contextual data set then has ever been possible.”
“By combining IoT capabilities, such as the use of sensors and data visualisation, and our risk engineers’ expertise, we can enhance the services we offer our clients,” said Stanway.
“Superior risk management starts with superior data; the more the better,” commented Rob McAdams, Chief Underwriting Officer, Global Marine at AXA XL.
“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.”
Ben Hubbard, Chief Executive Officer of Parsyl, added, “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.”