Lloyd’s to use IoT for marine cargo management

By Folake Dosu  |  December 18, 2018

IoT-lloyds-marine-cargo

Famed insurer Lloyd’s has joined six lead market syndicates – AXA, QBE, CNA, Ascot, Antaras and Beazely – on a new initiative to leverage IoT for the supply chain management of products that require specialist transport and storage using venture-backed, Colorado-based platform Parsyl, Reinsurance News reports.

For temperature controlled foods, biological pharmaceuticals and sensitive life science and high-tech products traveling by marine cargo, IoT sensors offer a cost-effective glimpse throughout the entire supply chain.

“As a market, it is imperative that we embrace new technology solutions that can lower costs and improve risk selection,” said Trevor Maynard, Head of Innovation at Lloyd’s, in a press release.

Parsyl is among the ten companies participating in Lloyd’s accelerator, Lloyd’s Lab. “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.”

“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.”

“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,” added Andrew Brooks, Chief Executive Officer of Ascot Group.

“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.”

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