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Case Study
Seafood Exchange transforms their supply chain with Parsyl + Lineage Logistics
May 24, 2023
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With Parsyl technology, Niceland Seafood created a simple, transparent, and more reliable supply chain—with a record-breaking claims payment when things went wrong.
Parsyl monitors and insures Niceland’s fresh and frozen seafood shipments, collecting temperature data from their Icelandic distribution facility to US distributors and retailers. Using smart sensors and data insights, Parsyl automatically creates notifications and reports that help Niceland understand product quality and any shelf life lost in transit due to temperature exposure. These insights have enabled supply chain improvements such as:
Sustainable Packaging
Parsyl’s low-cost devices allowed Niceland to test and compare packaging methods and identify a solution that maintains high quality fish, with the least amount of waste.
Shipping Optimization
Insights into when and where problems arise and the effect of temperature exposure on product shelf life allow Niceland to rate routes and carriers and pinpoint accountability when things go wrong.
“Parsyl gives us the data we need to more deeply understand product quality, and they protect us if things go wrong.”
Patrick Dunaway, Director of US Sales & Sustainability, Niceland Seafood
From spoilage to payment in under 8 hours
Niceland receives same-day claim payment for spoilage loss
Niceland is a policyholder of Parsyl’s first-of-its-kind parametric insurance product, which provides fast payout based on a customizable spoilage trigger.
On a recent shipment of fresh cod from Reykjavik to Los Angeles, a plane delay left packages sitting on a hot tarmac. Since the shipments were monitored and insured by Parsyl, Niceland received a text message alerting them to the temperature exposure and potential insurance claim.
Niceland was able to take swift action and confirm the loss. Since the policy is based on Parsyl’s objective sensor data, the claim was paid immediately with no need for further investigation.
Typically, a claim such as this would take months for traditional insurers to adjust and pay. With Parsyl’s data- triggered coverage, Niceland was able to protect its cash flow and keep its business moving forward without any hassle or waiting period.
Parsyl helps Niceland save time and money on business operations, deliver a better product to consumers and bolster sustainability efforts, all in support of their goal: bring the highest quality, fully traceable seafood products to responsible seafood buyers.
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