Global professional services firm Aon plc has introduced a new offering, through broad industry collaboration, that will provide supply chain protection for global COVID-19 vaccine shipments. Using sensor data and analytics, the offering enhances All Risk Marine Cargo insurance by providing timely payment when doses fall outside of the agreed-upon temperature range while being transported or stored.
The offering is made possible through a collaboration with InsurTech firm Parsyl, which will serve as the dedicated data platform on behalf of the insurers; specialist underwriter Ascot Group acting as the lead underwriter; and binding insurers Chubb European Group SE and AIG, with reinsurance support from Munich Re. Other insurers include AEGIS London, Antares Managing Agency Ltd (a QIC Global company), AXA XL, AXIS Insurance, Beazley, Fidelis, MS Amlin and Talbot.
The product 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 complimentary access for insureds to certain platforms, blockchain technology or devices as part of the risk management offering:
- ChronosCloud’s “cloud-based platform connects all partners of the supply chain with real-time Internet of Things sensors for active condition monitoring.” —John Hoyt, Managing Director, ChronosCloud
- “Intel has been working closely with Aon, Mastercard and ChronosCloud to provide secure computing platforms to address the challenges in the safe and accurate global distribution of COVID-19 vaccines.” —Christine Boles, VP/General Manager of Intel’s Industrial Solutions Division
- “Mastercard Provenance Solution enables the technical foundation to track the journey in real time leveraging the immutability of blockchain, ultimately providing better risk management and minimizing disputes through a trusted, shared record of shipments.” —Carlos Menendez, president, Enterprise Partnerships at Mastercard.
- “Sensitech’s real-time temperature and location data will help to reduce problem escalations and enable nimble decision-making with facts.” — Mike Hurton, VP & General Manager, Sensitech.
Aon said it will donate 100 percent of all revenues earned from the offering in 2021 to a charity dedicated to eradicating the global human and economic toll of the pandemic.