Risk managers will now be able to understand the quality of the conditions that sensitive or perishable products are kept in from the first mile to the last.
Risk managers will soon have a new tool at their disposal which will help to detect supply chain issues for perishables.
AXA XL has partnered with Parsyl, a 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.
The affordability of Parsyl’s 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.”