Parsyl launches parametric cargo insurance

Register now

Parsyl, an insurtech providing a supply chain data platform for cargo insurance, has announced a new suite for perishables with lauch client Ascot Insurance.

Parsyl’s ColdCover offers a parametric spoilage capability, protecting against losses due to temperature. ColdCover policies also include Parsyl’s quality monitoring and risk management platform, combining smart sensors and data analytics to automatically generate interactive shipment visualizations, recommendations for avoiding issues with future shipments and aggregated performance insights.

Andrew Brooks, CEO of Ascot Group shared, “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.”

Along with the its new suite announcement, Parsyl also announced it raised $15 million in Series A funding, led by GLP, a major investor in logistics and related technologies.

Brooks continued, “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.”

Parsyl is an approved Lloyd’s Coverholder and is licensed to offer cargo insurance products in Alaska, California, Colorado, Louisiana, Maine, Massachusetts, Oregon, Texas, Virginia, Washington.

For reprint and licensing requests for this article, click here.
Commercial lines DigIn 2020
MORE FROM DIGITAL INSURANCE