Aon has announced the launch of an industry collaboration to provide supply-chain protection for global COVID-19 vaccine shipments.
The collaboration will provide transparent cargo insurance coverage for COVID-19 vaccines by combining sensor data and analytics, Aon said. The offering enhances all-risk marine insurance with timely payment for doses that fall outside of the agreed-upon temperature range while being transported or stored. Real-time reporting of temperature deviations will also provide for the mitigation of losses and help maximize the number of doses available to the public, Aon said.
“Rather than accept the so-called new normal, at Aon we continue to strive toward a ‘new better,’” said Greg Case, CEO of 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 will donate 100% of all revenues earned from the new product in 2021 to a charity dedicated to eradicating the human and economic toll of the pandemic, the company said.
The offering is made possible through a collaboration with insurtech firm Parsyl, which will serve as the dedicated data platform for the offering, and specialist underwriter Ascot Group acting as lead underwriter, binding insurers Chubb European Group SE and AIG, and reinsurance support from Munich Re. Other insurers include AEGIS London, Antares Managing General Agency, 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,” said Lee Meyrick, CEO, global marine, Commercial Risk Solutions at Aon. “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.”
“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,” said Ben Hubbard, CEO of Parsyl. “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.”