Aon has launched a marine cargo coverage for the transportation of COVID vaccines with all the revenue earned by the broker going to charity.
It has combined with a consortium of underwriters to create the product that is designed to provide supply chain protection for global COVID-19 vaccine shipments.
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,” said Aon. “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.”
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 centres.
The product is a collaboration with insurtech firm Parsyl, which will serve as the dedicated data platform for the solution on behalf of the insurers. Ascot Group is acting as the lead underwriter, binding insurers include Chubb European Group and AIG, with reinsurance support from Munich Re. Other insurers include AEGIS London, Antares Managing Agency, AXA XL, AXIS Insurance, Beazley, Fidelis, MS Amlin and Talbot.
“Rather than accept the so-called new normal, at Aon we continue to strive toward a New Better,” said Greg Case, CEO, Aon. “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.”
Aon added it will donate 100 percent of all revenues earned from this new solution in 2021 to a charity dedicated to eradicating the global human and economic toll of the pandemic.
“Aon has been working on client solutions utilising sensor technology in the supply chain for several years,” said Lee Meyrick, Chief Executive Officer, Global Marine, Commercial Risk Solutions at Aon. “Recognising 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.”
“We’re pleased to be part of another collaboration of market leaders coming together to address the biggest global health crisis of our time,” said Andrew Brooks, CEO of Ascot Group. “This collaboration will make available more capacity and bring to market additional products that will enable effective vaccine distribution at a global scale.”
“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,” said Ben Hubbard, CEO, Parsyl.
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. 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.