What is the product?

As the only integrated supply chain monitoring and cargo insurance solution on the market, Parsyl provides full circle risk management and risk transfer in a single solution. By collecting and analyzing granular supply chain data, Parsyl takes the guesswork out of evaluating risk and processing claims, all while giving clients the data they need to understand and reduce risk - and waste - along the way.

Soon after participating in the inaugural Lloyd’s Lab in 2018, Parsyl became a Lloyd’s Coverholder and launched a suite of connected cargo insurance products including the industry’s first parametric temperature policy. In 2022, Parsyl launched a US- based Managing General Underwriter (MGU) and expanded the scope of 1796, its impact-focused syndicate at Lloyd’s of London, to support global healthcare, perishable foods and pharmaceuticals.

How does it support green outcomes?

Parsyl was named a “Top Green Provider’’ by Food Logistics Magazine, an award that celebrates companies for exemplary leadership that enhances sustainability within the cold food and beverage industry. Parsyl is also an Insurance Innovation of the Year award winner from both the European Risk Management Association and Insurance Insider in recognition of Parsyl’s leadership of the Global Health Risk Facility.

Parsyl’s insights and data-powered insurance products offer companies objective and tangible incentives to reduce losses and eliminate waste. Parsyl sensors help customers test more sustainable packaging, its algorithms guide them to more efficient trade routes, and Parsyl connected insurance products fill protection gaps, giving customers the courage to take smarter risks.

How does it enable customers today?

  • When Asian Pacific Seafood was notified that the Ever Forward was stuck in the Chesapeake Bay with its container of fresh crab meat, it prepared for a total loss valued at $340,000 USD. Because Asian Pacific was using Parsyl’s integrated risk management and insurance solution, monitoring data from Parsyl devices was analyzed and proved that the goods were properly maintained throughout the extended time on the water, enabling the company to avoid a claim, undue waste and increased insurance costs. Upon policy renewal, Asian Pacific was even able to reduce its annual insurance spend by 10% because of the risk management opportunities unlocked by Parsyl.

  • The Partnership for Supply Chain Management turned to Parsyl for its combined experience with temperature monitoring in the developing world and connected cargo insurance products. The organisation now uses Parsyl monitoring devices in all of its cold chain and temperature controlled shipments, and the increased visibility has led to more accountability across its supply chain network and a 97% reduction in insurance claims.