Lloyd’s Lab’s Parsyl leads insurance for Covid-19 vaccine distribution
As the world embarks on the largest vaccine campaign in human history, the risk of supply chain breakdowns in low income countries calls for renewed focus on the logistics and risk management of vaccine distribution.
Parsyl, one of 10 Insurtechs to collaborate with specialist insurance and reinsurance market Lloyd’s of London through the first iteration of L Marks’ Lloyd’s Lab accelerator, has created a new syndicate that will serve as the dedicated risk facility for Covid-19- related transit and storage risks.
Developed in anticipation of a Covid-19 vaccine, Parsyl’s “Syndicate 1796” both recognises and responds to the need for a comprehensive and streamlined insurance and risk mitigation strategy that can complement manufacturing and distribution objectives of major vaccine development efforts, including the ACT-Accelerator Vaccines Pillar (COVAX) and the US Government’s Operation Warp Speed (OWS). Syndicate 1796 was recently approved by Lloyd’s of London and is planning to begin operations on 1 October 2020.
We’ve seen Lloyd’s stand behind risks to some of the world’s greatest achievements and innovations. We asked, why not find a way to stand behind the largest vaccine campaign in human history.
Ben Hubbard, CEO of Parsyl
The syndicate, formed in partnership with Ascot as managing agent, and in cooperation with AXAL XL, McGill and Partners and Gavi, the Vaccine Alliance, is the latest example of collaboration between Parsyl and Lloyd’s market insurers. Following participation in the first Lloyd’s Lab accelerator, which ran from September to December 2018, Parsyl formed partnerships with six insurers in order to provide enhanced marine loss-mitigation and risk-prevention services. By February 2019, two of these, Ascot and Beazley, had launched a Lloyd’s-based cargo consortium offering insureds the use of Parsyl’s device to manage risk claims and performance.
The successful partnership between Parysl, Lloyd’s and the market, which originates with the Lloyd’s Lab accelerator, enabled the quick response to the Covid-19 crisis through the establishment of the new “syndicate-in-a-box” to support the manufacturing and distribution of vaccine development efforts.
Tomorrow marks the Pitch Day for Lloyd’s Lab, Cohort 5 where the most promising companies will be selected to collaborate with members of the 300-year-old Lloyd’s market in this next iteration of the programme. Over the last two months, L Marks has run two additional programmes with Lloyd’s of London, each responding directly to different aspects of the Covid-19 global pandemic, from customer support and economic recovery in the short term to building resilience to counter future waves of the virus.
You can find the press release from Lloyd’s of London here.