Cargo and supply chain risk insurance provider Parsyl has launched a chat-based risk submission facility for brokers called Chauncey for Brokers. The proposition is built on the technology that Parsyl has been using to power its own underwriting operations and which it said had cut submission times by 70%.

Chauncy for Brokers enables brokers to upload documents, receive instant feedback, track multiple submissions, and get an indicative quote.

Once complete, submissions are passed to Parsyl’s underwriting workbench, where they are automatically quoted before an underwriter reviews them and issues a binding quote. Parsyl said the new facility would be particularly valuable for high-volume smaller risks that are labour intensive and generate minimal returns for brokers.

Alex Haar, chief product officer at Parsyl, said: “ChatGPT and Claude have fundamentally changed how people work and find information. Conversational AI is no longer a trend; it's the expectation. Chauncey for Brokers meets brokers where they already are. If this is how the world gets things done, it should be how cargo risk placement gets done, too.”

Parsyl leads the Essential Consortium at Lloyd’s of London, is a Lloyd’s Coverholder and operates Syndicate 1796.