INCORPORATING COLD CHAIN
FEATURE
Given all of these elements , several technologies exist – and some have existed for some time already – from simple logging to facility monitoring , and even as far as disposable ( or single use ) devices . All of these solutions have made getting perishables from producer to consumer more efficient and better-controlled to ensure that risk is reduced or removed entirely .
Insurance risk-mitigation products and processes , although forming part of every business are therefore particularly important in the cold chain that deals with sensitive , and often costly perishable products that must be maintained under specific conditions to ensure they do not spoil ( altogether or experience a shortened shelf life ).
As we have indicated over this series , several avenues related to risk exposure directly impact insurance cover and premiums . With the movement of perishable goods being a significant portion of the chain , telematics and monitoring have increasingly become the norm to identify where things went wrong , and in pinpointing liability of failure . Further , with the big data generated , many doors in probabilities and predictions are on the horizon for all role players including the clients , third parties and even insurance providers themselves .
Although , primarily the movement of perishables get the most attention as it is known as the major cause of temperature fluctuations in the chain , so many industries can , and do already benefit through technology . These include :
• Pharmacies
• Hospitals and laboratories
• Pharmaceutical manufacturers
• Restaurants and hotels
• Abattoirs and food manufacturers
• Veterinary clinics and wholesalers
• Biological distributors ( flowers )
• Refrigerated transport ( road / rail / sea / air )
TECHNOLOGY DEVELOPMENTS OVER RECENT YEARS The advancements of technology , as with so many sectors , is in fact the crux of the matter when it comes to control , methodologies , best practices , and even policies such as what is seen in the insurance world today .
From a dot on a map and simple logging that had to be downloaded by a technician every so often , telematics and monitoring have come a long way from their inception and simple task execution to become a complex multi-platform and fully integrated business solution as the internet of things and the 4th industrial revolution has pretty much enabled connectivity to anything and everything .
As technology has evolved over the years it has been stated that the biggest challenge industries are actually facing at this point in time is not physical action , processes , or products themselves , but rather what information comes from data generation . As more and more data gets added to the world , interest grows more around technology . Vast information sets now exists and insurance companies have begun utilising
Creative Commons | Pixabay
The cold chain is subject to many risk points along the line and in South Africa , road logistics has surged over recent months – this being highlighted as one of the weaker points in the chain when it comes to risk mitigation .
COLD LINK AFRICA • March / April 2022 www . coldlinkafrica . co . za 27