Lloyd’s and a group of six syndicates are spearheading a new initiative with supply chain data platform Parsyl that utilises Internet of Things (IoT) technology to improve marine cargo performance.

The new initiative offers crafted risk coverage for sensitive shipments that incorporate the use of Parsyl’s IoT quality assurance and risk management solution and is designed for products that require specialist transport and storage, such as temperature-controlled foods, biological pharmaceuticals and sensitive life science and high-tech products. 

By agreeing to place Parsyl’s sensors on prescribed shipments, participants may benefit from expedited settlement and reduced claims costs, tailored deductibles, risk mitigation insights based on new data.

Parsyl was founded in 2017 and was one of ten companies selected to participate in Lloyd’s new innovation accelerator, Lloyd’s Lab.

The initiative was co-created by Parsyl and market syndicates Ascot, Antares, Beazley and CNA Hardy, all of whom lead a substantial portion of the global marine cargo business that is underwritten at Lloyd’s.

The initiative also has the support of AXA XL and QBE, two of the largest marine cargo syndicates at Lloyd’s.

Trevor Maynard, head of innovation at Lloyd’s, commented: “As a market, it is imperative that we embrace new technology solutions that can lower costs and improve risk selection,

“We created Lloyd’s Lab to pursue innovative, technology driven solutions like Parsyl that can address the unique and rapidly changing demands of the Lloyd’s market, and are proud to be announcing this initiative as an outcome of the program.”

Meanwhile, Ascot CEO Andrew Brooks added: “We know that our future success and that of our clients is driven by our ability to find new ways to improve the claims process and better manage risk. By partnering with Parsyl, we’re able to greatly enhance our offering with sophisticated and predictive data analytics.”

“By combining our modern approach to supply chain data analytics with the industry expertise of Lloyd’s and our syndicate partners, we’re able to offer an unprecedented approach to risk management,” said Ben Hubbard, co-founder and CEO of Parsyl.

“Together we can usher in a new age for the marine cargo industry that is not only better for insurers and their customers, but ultimately for people around the world who depend on crucial goods that are shipped every day.”