Through industry collaboration, professional services firm Aon launches transparent cargo insurance for COVID-19 vaccines using sensor data and analytics adding onto its All Risk Marine Cargo insurance. The solution provides payment for doses that fall outside of the required temperature range during travel and storage, based on sensor data. The real-time analytics aspect may help localize where exactly losses occur, allowing more doses to be delivered. Insurtech firm Parsyl is behind the dedicated data platform, while Ascot Group is the lead underwriter binding insurers Chubb European Group SE and AIG with additional support from Munich Re and numerous other insurers.
- The solution will allow for the integration of a wide range of sensing devices, and power better risk management and claims support. The solution 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.
- While this new innovative solution will not mandate the utilization of specific Internet of Things (IoT) platforms or sensor devices, insured companies will have the option to access those services and products on a complimentary basis during 2021 from companies that are committed to enhancing the global distribution of COVID-19 vaccines. 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.