AXA XL today announced it is working with Parsyl Inc., a Denver, Colorado-based supply chain data platform that helps shippers, insurers and their clients understand the quality of the conditions that sensitive or perishable products are kept in.
Parsyl’s affordability means it is now possible to cost effectively place sensors alongside sensitive cargo, providing insights into the travel of a product through the entire supply chain, from the first mile to the last.
AXA XL uses Parsyl’s sensors and its expertise in large-scale data mining to analyse data such as location, temperature, light, humidity and movement impact on cargo. This allows AXA XL to offer clients enhanced loss mitigation and risk prevention services.
Rob McAdams, Chief Underwriting Officer, Global Marine at AXA XL, explains: “Superior risk management starts with superior data; the more the better. Being able to track and visualise the conditions of our clients’ sensitive shipments is incredibly valuable when thinking about risk. The insights gained equip our risk engineers to make practical recommendations to avoid losses or lessen their impact.”
Hélène Stanway, Digital Leader at AXA XL, added: “With new data platforms like Parsyl, we’re now able to provide a more granular and contextual data set then has ever been possible. By combining IoT capabilities, such as the use of sensors and data visualisation, and our risk engineers’ expertise, we can enhance the services we offer our clients.”
Ben Hubbard, CEO of Parsyl, commented: “The marine cargo insurance industry is on the cusp of unprecedented technological shift and we are honoured to be partnering with a forward thinking innovator like AXA XL. We look forward to working together to bring our data-driven risk management approach to the marine cargo market.”
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About AXA XL1
AXA XL1 provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
About AXA XL1 Insurance
AXA XL1 Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
1AXA XL is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting.
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Parsyl is a venture-backed supply chain data platform that helps shippers, retailers and insurers understand the quality conditions of sensitive and perishable products as they move through the supply chain, from the first mile to the last.
The Parsyl platform includes its family of proprietary, low cost Trek multi-sensing hardware devices, a mobile application and gateway, and a web platform that combines sensor readings with external data to offer interactive shipment visualizations and aggregated insights. Customers use Parsyl’s predictive data and insights to improve shipping performance, manage compliance, scorecard vendors and reduce insurance costs.
Parsyl was founded with a mission to improve lives and save money by thinking about supply chain data collection in a new way. Parsyl was founded in 2017 is based in Denver, CO. More information at www.parsyl.com