Aon is collaborating with key organizations to provide protection for global COVID-19 vaccine shipments. Aon will donate 100 percent of all revenues earned from this new solution in 2021 to global COVID-19 relief efforts.
“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.”
The offering is made possible through a collaboration with insurtech firm Parsyl and specialist underwriter Ascot Group, 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.. 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.
The new solution combines sensor data, analytics and traditional cargo insurance for transparent supply-chain insurance coverage. Sensor technology will be used to verify the vaccines are maintained at the required temperatures while being transported or stored. The data from the sensors will allow for timely resolution of any loss, and help maximize the number of doses that are administered to the public.
“Aon has been working on client solutions utilizing sensor technology in the supply chain for several years,” said Lee Meyrick, Chief Executive Officer, Global Marine, Commercial Risk Solutions at Aon. “Recognizing the concerns faced with the global distribution of the 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.”
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.
Learn more about how businesses have shifted in response to the pandemic, in Helping Organizations Chart a Course to The New Better.