Parsyl raises $15 million
Supply chain data platform Parsyl has raised $15 million in Series A funding led by GLP and commercial insurer Ascot Group. The Colorado-based startup is also introducing ColdCover by Parsyl Insurance, a suite of connected cargo insurance products for perishable goods powered by its IoT data platform.
As “the only integrated supply chain visibility and cargo insurance solution,” Parsyl has created a data-driven insurance offering that is simple, transparent and fast, including the industry’s “first and only” parametric spoilage policy, protecting against losses due to temperature. The startup is able to assess risk and process claims quickly by using its data to understand exactly what happened to goods at any point in the supply chain. The featured product within the suite, ColdCover Parametric, includes customizable quality triggers and payout levels. Parametric coverage is based on product-specific degradation algorithms, which help Parsyl to understand if, when and where products have experienced spoilage during shipment or storage. Parsyl automatically analyzes data and informs customers of temperature breaches. When issues occur, payment is made in 72 hours, giving shippers the cash they need to bounce back from a loss.
All ColdCover policies include access to Parsyl’s quality monitoring and risk management platform, which combines smart sensors and data analytics to automatically generate interactive shipment visualizations, aggregated performance insights and recommendations for avoiding issues with future shipments.
“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.” – Andrew Brooks, CEO of Ascot Group.
“Niceland has always prioritized food quality and safety above all else. When businesses like ours lose product due to supply chain issues like temperature fluctuation, we can be left in the dark while claims are investigated. By combining temperature monitoring with cargo insurance Parsyl hits two pain points at once – collecting objective data and using it to hold actors in the supply chain accountable.” – Oliver Luckett, Chairman of Niceland Seafood.
“The way Parsyl is using its data to deliver new products and value for hard to insure perishable risks is exactly the type of innovation the cargo insurance industry needs. We are thrilled to partner with a company so advanced in their thinking and technology, meaning we are now able to deliver unique solutions for both clients and markets.” – Gordon Longley, Partner and Head of Marine at McGill and Partners, and partner and trusted advisor to Parsyl.
