Aon partners with insurtech Parsyl on altruistic COVID vaccine cover
Aon has unveiled a new solution to provide supply chain protection for global COVID-19 vaccine shipments, and vowed to donate all the revenues it earns in 2021 to a charity dedicated to easing the impact of the pandemic.
The solution provides transparent cargo insurance coverage for COVID-19 vaccines by combining sensor data and analytics. It enhances all risk marine cargo insurance with timely payment for doses that fall outside of the agreed-upon temperature range while being transported or stored.
Real-time reporting of any temperature deviation will also provide for the mitigation of losses and help maximise the number of doses that are administered to the public, Aon said.
Aon collaborated with insurtech firm Parsyl to create the new product, with Parsyl serving as its dedicated data platform on behalf of the insurers. Ascot serves as the lead underwriter, supported by Chubb European Group and AIG, with Munich Re providing reinsurance support. Other insurers include AEGIS London, Antares Managing Agency (a QIC Global company), AXA XL, AXIS Insurance, Beazley, Fidelis, MS Amlin and Talbot.
The solution will allow for the integration of a wide range of sensing devices, and power better risk management and claims support. It is available to qualified parties in the vaccine supply chain including pharmaceutical firms, government bodies, transportation and logistics companies, distributors, health systems, pharmacy chains and inoculation centers.
ChronosCloud, Intel, Mastercard and Sensitech, a part of Carrier Global Corporation, have agreed to donate access to certain platforms, blockchain technology or devices as part of the risk management solution.
Ben Hubbard, CEO at Parsyl, said the efficient distribution of COVID-19 vaccines requires a better analysis of data to understand how they are affected during the shipping process.
“This insurance solution will help complement existing industry efforts focused on developing countries by providing protection for vaccine supply chains in additional markets,” he said.
“Rather than accept the so-called new normal, at Aon we continue to strive toward a New Better,” added Greg Case, chief executive officer (CEO) at Aon. “We will continue to push the envelope to create innovative solutions that propel our economy and society forward. Providing supply-chain protection for the delivery of COVID-19 vaccines around the world is an important step in that process.”
Lee Meyrick, CEO for global marine, commercial risk solutions at Aon, said the company has been developing client solutions for supply chains using sensor technology for several years. “Recognising the concerns faced with the global distribution of COVID-19 vaccines, we explored the development of a new solution to provide financial protection to the companies involved in the distribution process,” he said. “Working with leaders in the industry, we were quickly able to build out a group of like-minded insurers that are willing to underwrite the risks using verifiable and effective sensor technologies.”
Andrew Brooks, CEO of Ascot Group, said: “This collaboration will make available more capacity and bring to market additional products that will enable effective vaccine distribution at a global scale.”
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