- Supply chain data platform company Parsyl announced it has raised $15 million and the launch of ColdCover by Parsyl Insurance
Supply chain data platform company Parsyl announced it has raised $15 million and the launch of ColdCover by Parsyl Insurance — which is a suite of connected cargo insurance products for perishable goods powered by its IoT data platform.
Parsyl is the only integrated supply chain visibility and cargo insurance solution. And the company has created a data-driven insurance offering that is simple, transparent, and fast, including the industry’s first and only parametric spoilage policy, protecting against losses due to temperature.
And Parsyl’s cargo insurance suite gives shippers of perishable goods the coverage and protection they need for the largest risks to their products.
ColdCover’s policies include access to Parsyl’s detailed quality monitoring and risk management platform, which combines smart sensors and data analytics to automatically generate interactive shipment visualizations, aggregated performance insights, and recommendations for avoiding issues with future shipments. And these insights help shippers improve supply chain performance, reduce risk and lower insurance costs.
Parsyl is able to assess risk and process claims quickly by using its data to understand exactly what happened to goods at any point in the supply chain. And the featured product within the suite, ColdCover Parametric, includes customizable quality triggers and payout levels.
Parametric coverage is based on product-specific degradation algorithms, which help Parsyl to understand if, when, and where products have experienced spoilage during shipment or storage. And Parsyl automatically analyzes data and informs customers of temperature breaches. When issues occur, payment is made in 72 hours thus giving shippers the cash they need to bounce back from a loss.
The ColdCover cargo insurance suite includes everything needed to insure perishable cargo like pharmaceuticals and life science products, seafood, fruits, vegetables, and agricultural commodities. And it includes a staggered payment option to ease the upfront costs of buying cargo insurance.
Key Quotes:
“This is an outstanding example of how insurtechs and insurers can partner to bring innovation to the cargo insurance market at a time when supply chain interruptions demand new thinking and new products from Lloyd’s. The power of Parsyl’s data is what enables them to respond quickly to customer needs, eliminate or reduce adjustment costs, and drive down expense ratios – something that benefits clients and insurers alike. We’re thrilled to be backing this truly unique offering.”
-Andrew Brooks, CEO of Ascot Group
“Niceland has always prioritized food quality and safety above all else. When businesses like ours lose product due to supply chain issues like temperature fluctuation, we can be left in the dark while claims are investigated. By combining temperature monitoring with cargo insurance Parsyl hits two pain points at once – collecting objective data and using it to hold actors in the supply chain accountable.”
-Oliver Luckett, Chairman of Niceland Seafood
“The way Parsyl is using its data to deliver new products and value for hard to insure perishable risks is exactly the type of innovation the cargo insurance industry needs. We are thrilled to partner with a company so advanced in their thinking and technology, meaning we are now able to deliver unique solutions for both clients and markets.”
-Gordon Longley, Partner and Head of Marine at McGill and Partners / partner and trusted advisor to Parsyl
