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Parametric cold chain insurance

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Cold chain insurance

An executive of the frozen fish factory buys insurance for 1000 boxes of products

The Insurion courier brings 1000 IoT sensors to the factory

During packaging, a factory employees put each sensor in a box with products

The packaged products are loaded into a container

Insurion monitors the temperature and location of each box in real time

The excecutive of the frozen fish factory buys insurance for 1000 boxes of products

It is necessary to understand the approximate number of boxes with insured frozen products and the cost of each such box.

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The Insurion courier brings 1000 IoT sensors to the factory

We will bring enough sensors to cover most of the boxes with insured products. This will allow us to determine the size of the loss as accurately as possible.

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During packaging, a factory employee puts each sensor in a box with products

We will instruct the manufacturer to have one IoT sensor in as many boxes as possible. The sensors are already turned on, no additional manipulations are required.

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The packaged products are loaded into a container

It does not matter if there are boxes with sensors in the same cargo or different ones, the data from them will be collected correctly.

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Insurion monitors the temperature and location of each box in real time

Sensors can work offline for a month. If they cannot transmit real-time data due to a lack of communication on the route, then they will transmit the accumulated data once it returned.

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What happens next?
The sensor in one of the boxes showed a temperature of +7 °C for 4 hours
Insurion considers the box spoiled and charges a loss of $1000
Insurion submits to the insurance company documents confirming the insured event, the amount of the loss and the location of the insured event, on the basis of which it is possible to draw a conclusion about the responsible party
Insurion submits to the insurance company documents confirming the insured event, the amount of the loss and the location of the insured event, on the basis of which it is possible to draw a conclusion about the responsible party
The sensor in one of the boxes showed a temperature
of +7 °C for 4 hours
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