The solution provides transparent cargo insurance coverage for COVID-19 vaccines by combining sensor data and analytics. The offering 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, enabling more effective risk management and claims support. Real-time reporting of any temperature deviation will also provide for the mitigation of losses and help maximize the number of doses that are administered to the public.
Greg CASE, CEO of Aon stated: "Rather than accept the so-called new normal, at Aon we continue to strive toward a New Better. 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."
The offering is made possible through a collaboration with insurtech firm Parsyl, which will serve as the dedicated data platform for the solution on behalf of the insurers, and specialist underwriter Ascot Group acting as the lead underwriter, 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.
"Aon has been working on client solutions utilizing sensor technology in the supply chain for several years. Recognizing 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. 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." said Lee MEYRICK, Chief Executive Officer, Global Marine, Commercial Risk Solutions at Aon.
"We're pleased to be part of another collaboration of market leaders coming together to address the biggest global health crisis of our time. This collaboration will make available more capacity and bring to market additional products that will enable effective vaccine distribution at a global scale", said Andrew BROOKS, CEO of Ascot Group.
Ben HUBBARD, CEO at Parsyl also commented: "It's critical that we deliver potent COVID-19 vaccines to everyone, everywhere. To do that, we must collect data to understand what happens to these sensitive shipments as they make their journey from factory to syringe. This insurance solution will help complement existing industry efforts focused on developing countries by providing protection for vaccine supply chains in additional markets. We're proud to be enabling another insurance solution and contributing to effective vaccine distribution around the world."
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.
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.
John HOYT, Managing Director of ChronosCloud said: "ChronosCloud is proud to collaborate with Aon in the fight against COVID-19. Our cloud-based platform connects all partners of the supply chain with real-time Internet of Things sensors for active condition monitoring. ChronosCloud actively responds to any temperature fluctuations, so shippers can ensure continuous quality. This powerful platform plays an important role as a part of Aon's vaccine delivery initiative."
"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. Technology used to its full potential can save lives and change lives. We look forward to supporting Aon in its efforts to address the challenges that COVID-19 vaccine distribution present," declared Christine BOLES, VP/General Manager of Intel's Industrial Solutions Division.
"Our collaboration with Aon and ChronosCloud comes at an important time when modern supply chains are becoming increasingly complex, and end-to-end visibility is essential," said Carlos MENENDEZ, President, Enterprise Partnerships at Mastercard. "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."
"We are pleased to be a part of this global collaboration with Aon and the other industry leaders. As the COVID-19 vaccine distribution efforts continue to expand to reach all populations, Sensitech's real-time temperature and location data will help to reduce problem escalations and enable nimble decision making with facts," said Mike HURTON, Vice President & General Manager, Sensitech.