Insurtech Parsyl raises $15m funding led by Ascot Group

Insurtech Parsyl has raised $15 million in Series A funding, led by GLP, an investor in logistics and related technologies, and Ascot Group, a commercial insurer and Lloyd’s syndicate.

Parsyl is an approved Lloyd’s Coverholder and a supply chain data platform. It is licensed to offer cargo insurance products in Alaska, California, Colorado, Louisiana, Maine, Massachusetts, Oregon, Texas, Virginia, Washington and the UK.

The company will use the funding to launch its insurance product suite in additional states in the coming months, advance industry specific product degradation algorithms and expand its team.

Parsyl has also launched a full suite of technology-enabled cargo insurance products for perishables, such as pharmaceuticals and life science products, seafood, fruits, vegetables and agricultural commodities.

Its parametric spoilage policy protects against losses due to temperature, and includes 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. These insights help shippers improve supply chain performance, reduce risk and lower insurance costs.

“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,” said Andrew Brooks, CEO of Ascot Group. “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.”

Gordon Longley, partner and head of marine at McGill and Partners, and partner and trusted advisor to Parsyl, said: “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.”