Parsyl, a supply chain data platform, has collected $15m in a new funding round which coincides with the launch of its new insurance product.
The Series A investment was led by logistics investor GLP and commercial insurer Ascot Group.
Parsyl has released the ColdCover solution, which is a suite of connected cargo insurance products for perishable goods.
The service is backed by Parsyl’s IoT data platform and includes access to Parsyl’s quality monitoring and risk management platform. Its technology combines smart sensors and data analytics to automatically generate interactive shipment visualisations, aggregated performance insights and recommendations to avoid issues with future shipments.
Parsyl can assess risk and process claims quickly by using its data to understand what happened to goods in the supply chain. Data uses product-specific degradation algorithms to understand if and when an item was spoiled and whether there are temperature breaches.
Ascot Group CEO Andrew Brooks said, “This is an outstanding example of how InsurTechs and insurers can partner to bring innovation to the cargo insurance market at a time when supply chain interruptions demand new thinking and new products from Lloyd’s.
“The power of Parsyl’s data is what enables them to respond quickly to customer needs, eliminate or reduce adjustment costs, and drive down expense ratios – something that benefits clients and insurers alike. We’re thrilled to be backing this truly unique offering.”
The InsurTech is licensed to offer cargo insurance in Alaska, California, Colorado, Louisiana, Maine, Massachusetts, Oregon, Texas, Virginia, Washington and the United Kingdom. With the fresh capital, the company will launch its insurance product suite in more US states in the coming months.
It also plans to improve its algorithms and expand its team.
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