Parsyl pays temperature claim in under 8 hours from time of spoilage

Parsyl announced that it settled a marine cargo insurance claim in 7 hours and 40 minutes. The spoilage claim was paid to Niceland Seafood through Parsyl’s ColdCover™ Parametric product, an offering that uses smart sensors and pre-configured spoilage triggers to automatically detect and notify customers of a loss.

Niceland Seafood uses Parsyl’s supply chain monitoring and connected cargo insurance products. The payment was made after Parsyl sensors detected temperature conditions resulting in problematic Shelf Life Lost™ during an air shipment of fresh cod. Niceland received notifications via email and SMS alerting them to the issue and Parsyl paid the claim to Niceland in less than 8 hours from when the goods arrived.

“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 . 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.” – Patrick Dunaway, Director of Sales and Sustainability at Niceland Seafood.

Parsyl’s ColdCover Parametric policy is designed for perishable goods, using smart, customizable sensing devices to monitor temperature of perishables from end-to-end, in shipment and in storage. Pre-configured alerts notify customers of harmful temperature exposure based on data triggers that are customized uniquely to each type of perishable commodity. 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.