Niceland Seafood settled a marine cargo insurance claim in less than eight hours using Parsyl Insurance’s ColdCover Parametric product, according to the company.
The Denver, Colorado, U.S.A. firm introduced a new suite of connected cargo insurance products for perishable goods last year. Its ColdCover Parametric product offers single-peril transit cover for spoilage due to temperature, using smart sensors with a customized and automatic temperature trigger that calculates when shelf life is lost.
Reykjavik, Iceland-based Niceland Seafood uses Parsyl’s supply chain monitoring and connected cargo insurance products for its seafood sent from Iceland to the United States. In June, it received an insurance payment after Parsyl sensors detected higher-than-acceptable temperature conditions during an air shipment of fresh cod. Niceland was sent notifications via email and SMS alerting the company to the issue and Parsyl paid the claim to Niceland seven hours and 40 minutes after the fish arrived at its destination.
“Parsyl gives us the data we need to stand behind the quality of our fish, and peace of mind knowing we’ll be paid fast if something goes wrong,” Niceland Sales and Sustainability Director Patrick Dunaway said in a press release. “We were amazed when we recently received claim payment on the same day an issue occurred. As a small business working hard for our customers, getting that cash fast lets us focus on moving our business forward.”
Parsyl Insurance Director Victoria Zak said once a customer confirms a loss to Parsyl, the claim can be paid immediately, without the need for an investigation or adjustor.
“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,” Zak said. “Paying a same-day cargo claim shows the immense power of data and the value of insurance - helping customers bounce back from a loss quickly and without hassle.”
Zak said Parsyl’s technology gives its policyholders insight into their supply chains, helping them to avoid claims in the first place by uncovering weak points or areas for operational improvements.
“Because of Parsyl’s ongoing risk management support, insurance underwriters gain the comfort they need to grant broader, more affordable coverage, knowing there is objective data to rely upon when a claim occurs,” Zak said. “It is a pleasure to work with Niceland and give them the coverage they need for their shipments and the data they need to prevent issues from happening in the first place.”
Photo courtesy of Parsyl
