Parsyl pays temperature claim in under 8 hours from time of spoilage, setting industry record
Smart sensors monitor Shelf Life Lost™ with customized and automatic temperature trigger
DENVER -- June 29, 2021
Parsyl, the leader in data-driven insurance for essential supply chains, today announced that it settled a marine cargo insurance claim in a record-breaking 7 hours and 40 minutes. The spoilage claim was paid to Niceland Seafood through Parsyl’s ColdCover™ Parametric product, a first-of-its kind offering that uses smart sensors and pre-configured spoilage triggers to automatically detect and notify customers of a loss.
Niceland Seafood uses Parsyl’s supply chain monitoring and connected cargo insurance products. The record-breaking payment was made after Parsyl sensors detected temperature conditions resulting in problematic Shelf Life Lost™ during an air shipment of fresh cod. Niceland received notifications via email and SMS alerting them to the issue and Parsyl paid the claim to Niceland in less than 8 hours from when the goods arrived.
“Parsyl gives us the data we need to stand behind the quality of our fish, and peace of mind knowing we’ll be paid fast if something goes wrong,” said Patrick Dunaway, Director of Sales and Sustainability at Niceland Seafood. “We were amazed when we recently received claim payment on the same day an issue occurred. As a small business working hard for our customers, getting that cash fast let’s us focus on moving our business forward.”
Parsyl is the only integrated supply chain monitoring and data-powered cargo solution on the market. Parsyl’s ColdCover Parametric policy is uniquely designed for perishable goods, using smart, customizable sensing devices to monitor temperature of perishables from end-to-end, in shipment and in storage. Pre-configured alerts notify customers of harmful temperature exposure based on data triggers that are customized uniquely to each type of perishable commodity. Once a customer confirms a loss to Parsyl, the claim can be paid immediately, without the need for an investigation or adjustor. Typically, temperature coverage for perishables is expensive, restrictive and hard to source. When claims happen, investigations can be drawn out for months and leave customers without the cash they need to bounce back.
“Paying a same-day cargo claim shows the immense power of data and the value of insurance - helping customers bounce back from a loss quickly and without hassle,” said Victoria Zak, Director of Insurance at Parsyl. “It is a pleasure to work with Niceland and give them the coverage they need for their shipments and the data they need to prevent issues from happening in the first place.”
Parsyl’s ColdCover cargo insurance suite includes everything needed to insure perishable cargo, such as pharmaceuticals and life science products, seafood, fruits, vegetables and agricultural commodities. Policyholders have access to ongoing supply chain insights that help to avoid claims in the first place by uncovering weak points or areas for operational improvements. Because of Parsyl’s ongoing risk management support, insurance underwriters gain the comfort they need to grant broader, more affordable coverage, knowing there is objective data to rely upon when a claim occurs. For more information or to request a quote, visit www.parsyl.com/insurance
Parsyl is a fully integrated, data-driven insurer of essential supply chains. Parsyl’s combined IoT and software solution helps shippers understand, mitigate and insure risks to goods as they move through the supply chain, both in transit and storage. Customers have the option of using Parsyl’s proprietary sensing devices or can integrate their own devices with the Parsyl platform. Parsyl is an approved Coverholder with Lloyd’s of London the premier market for hard to place risk, and its policies are backed by Ascot Group, one of the most respected and innovative A-rated insurers in the world. Parsyl is based in Denver and can be found at parsyl.com or on Twitter @ParsylHQ.