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Parsyl Unveils Innovative Quality Assurance Solution for Shippers and Insurers

Bill Sinn | October 02, 2018

Parsyl, a venture-backed supply chain data platform, announced its company launch today at the InsureTech Connect conference in Las Vegas. Parsyl offers an IoT quality assurance and risk management solution that helps shippers, suppliers and insurers understand the quality conditions of sensitive and perishable products as they move through the supply chain, both in transit and storage, from source to final destination. 

An estimated 90% of the world’s trade is carried by sea. Each year, billions of dollars are lost due to damaged products and 25% of food is wasted globally due to breaches in the cold chain. Parsyl is introducing an affordable, scalable solution that brings immediate value to shippers and insurers by offering reliable, objective data on supply chain conditions, allowing users to anticipate supply chain risks in a new way. 

The Parsyl platform includes its low cost, proprietary Trek multi-sensing hardware devices, mobile application, optional plug-in gateway, and a web platform that combines granular sensor readings with contextual data, such as cargo tracking, weather and telematics. Parsyl’s software automatically generates interactive shipment visualizations, aggregated performance insights and recommendations for avoiding issues with future shipments. Parsyl operates as a hardware as a service product and charges a flat fee per shipment that includes hardware, software and customer support. 

“At the heart of Parsyl’s approach is a belief that simply making supply chain data easier to collect and analyze can save money and improve the safety and performance of the products we all rely on,” said Ben Hubbard, CEO of Parsyl. “Our solution helps buyers, suppliers and insurers get smarter over time, better anticipate risk and ensure product integrity upon delivery.” 

Parsyl has been operating in stealth for two years, building proprietary hardware devices and a robust software platform that leverages data analytics and machine learning to provide users with powerful supply chain insights. Parsyl has raised $4.3 million in funding and has a partnership with P&C and Specialty insurer AXA XL, a leading player in cargo insurance, to bring improved risk mitigation and claims processing to several of their insured customers. 

“The availability of new data and more robust analytics is allowing us to rethink the way we process claims and manage risks for the benefit of our clients and brokers,” said Hélène Stanway, Digital Leader at AXA XL. “By partnering with Parsyl, we can transform the services we offer by leveraging data that is predictive, contextual and powerful.”

Parsyl serves a wide market of sensitive goods including perishable food, vaccines, biological products and sensitive equipment, and it supports multi-modal, multi-carrier global shipments. With its launch, the Denver-based startup will open up its platform to a select group of insurers and shippers over the next year.

 


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