Insurtech Anansi has partnered with Tokio Marine HCC, Liberty Mutual and Arch Insurance to develop a specialist parametric goods-in-transit insurance tailored for large retailers.

With Tokio Marine HCC as the lead insurance capacity provider and underwriter, and the arrangement facilitated by GAWS of London, this venture marks GAWS' initial step into parametric cover.

The new claims solution, which triggers automatic payouts for lost parcels and simplifies damage claims processing, is designed to ease the administrative load on retailers facing supply chain disruptions and escalating business costs.

The data-centric platform provides insight into shipment risk factors, enabling a customisable pricing model for large retailers. This partnership raises cover limits from £25,000 to £100,000 per parcel.

Commenting on the partnership, Megan Bingham-Walker, CEO and co-founder of Anansi said: "We are delighted to join forces to enable Anansi to scale up its product to cover large retailers and even more businesses. This collaboration signifies our commitment to bringing innovative goods-in-transit insurance products to market".

Richard Golder, head of marine cargo at Tokio Marine HCC added: “We are pleased to be the lead supporting security for Anansi in their innovative approach to assisting industry with supply chain solutions for last mile coverage in package distribution. The ability to track couriers, packages and analyse large volumes of data whilst providing a simple and efficient claims handling service gives a great opportunity to improve coverage for clients and their end customers. This is an innovative approach and one that complements and offers diversity to our cargo portfolio. We look forward to developing the product further with Anasi and their clients in the coming year.”

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