What:
Parsyl, a provider of data-driven insurance for essential supply chains, announced that it settled a marine cargo insurance claim in 7 hours and 40 minutes.
Why:
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.
How:
- The spoilage claim was paid to Niceland Seafood through Parsyl’s ColdCover Parametric product, which 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 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’s ColdCover Parametric policy is uniquely designed for perishable goods, using smart, customizable sensing devices to monitor the temperature of perishables from end-to-end, in shipment, and storage.
- Pre-configured alerts notify customers of harmful temperature exposure based on data triggers 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.