Lloyd’s has joined six lead market syndicates – AXA, QBE, CNA, Ascot, Antaras and Beazely – on a new initiative to begin using Parsyl, a venture-backed supply chain data platform that utilises Internet of Things (IoT) technology.
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.
Partnerships like this 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.
“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.”
Parsyl, a Colorado-based organisation, was one of ten companies selected to participate in Lloyd’s new innovation accelerator, Lloyd’s Lab.
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, Chief Executive Officer 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 visualisations, aggregated performance insights and recommendations for avoiding issues with future shipments. Parsyl’s hardware, combined with 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.”