Custom Parametric Insurance Software

• Property and life insurance against natural disasters and extreme weather conditions: earthquake, wind, flood, hail, drought, wildfire, tropical cyclone, etc.
• Agriculture insurance (crop and livestock insurance, yield insurance) against weather and climate risks, insufficient production, and market price volatility.
• Business insurance against catastrophic events and business interruption: supply chain disruptions, cybersecurity breaches, power outage, etc.
• Travel insurance against flight delays and cancellations, luggage loss, and inappropriate weather conditions.
• Renewable energy project insurance against the lack or excess of solar radiation, rainfall, wind, etc.

• Setting up and updating payout triggers for various parametric insurance types:
  • Cat-in-a-box triggers (based on the event severity in a predefined area, e.g., a magnitude 4 earthquake within 50 miles of the insured facility)
  • Index-based triggers (based on the level of a chosen index, e.g., if the expected crop yield in the region falls below the predefined level).
• Configurable terms for policy duration and availability in particular regions.
• Rule-based or AI-powered analysis of historical loss and payout data and suggestions on the optimal coverage amounts (for particular peril indices, customer segments, etc.).
• (optional) Parametric insurance term formalization in the blockchain smart contracts for the fully automated and traceable claim settlement.

• Automated calculation of parametric insurance prices for various products and customer segments based on custom formulas.
• Scenario modeling and profitability analysis for various parametric insurance pricing strategies.
• Prescriptions on the optimal parametric insurance prices based on the analysis of demand, price elasticity, claim costs, risks, and profitability.
• Calculating personalized premiums for custom products based on the requested policy type, duration, coverage limit, client’s location, etc.

• Real-time capture of parametric insurance applications from multiple channels: a client-facing app, an agent portal, email, messaging apps, etc.
• Support for various insurance application formats (PDF, XML, etc.).
• Automated data extraction and validation using OCR, RPA, and AI technologies.
• Flagging the applications that contain missing, inaccurate, or contradictory data and automatically routing them for manual check.
• Automated billing for valid insurance applications.

• Customizable templates for various types of parametric insurance policies: business insurance, travel insurance, crop insurance, etc.
• Automated policy generation and submission to customers triggered by receiving a predefined premium payment.
• Automated policy updating with new customer data, coverage, and premium terms.
• Rule-based policy renewal or cancellation.
• Centralized storage for all issued parametric insurance policies.

• Automated capture and validation of risk-relevant data depending on insurance types:
  • Weather data.
  • Geospatial data.
  • Geopolitical data.
  • Telematics.
  • Trade market indices.
  • Flight data.
  • Traffic data.
  • Data breach reports, and more.
• AI-supported calculation of the probability of predefined payout triggering events.
• Real-time monitoring of exposure indices across various perils and locations.
• Alerts on the event severity levels reaching the predefined values.

• Automated payouts triggered by the pre-specified events, with no need for manual claim submission.
• (For hybrid parametric insurance) Automated collection and processing of the proofs of loss (e.g., images and videos of the damaged property and injuries) provided by policyholders.
• Customizable payout schemes, including:
  • Double-trigger payout schemes (partial payouts for the events of lower severity), e.g., X% of a pre-agreed limit is paid when daily rainfall exceeds 10 mm (first trigger) over five non-consecutive days (second trigger).
  • Staggered payout schemes (progressively higher payouts for the events of increasing severity), e.g., +Y% of a pre-agreed limit is paid for every mm of cumulative precipitation above a predefined threshold.
• AI-based triaging of claim payouts based on the analysis of event time and severity, predicted damage volume, etc.
• (for blockchain parametric insurance) Instant domestic and cross-border payouts in crypto.

• Automated calculation and tracking of parametric insurance metrics: sales, retention, claim settlement, financial performance, workforce productivity, etc.
• Customizable dashboards for various parametric insurance roles: agents, policy managers, risk analysts, etc.
• Automated reporting on the required parametric insurance KPIs.
• Forecasting of parametric insurance demand, total premiums written, and claim costs (by period, customer, product, region, etc.).

• Configurable self-registration forms for individual and corporate customers.
• Automated customer pre-qualification against the given requirements: age, location, etc.
• Geography-based KYC/AML verification for new customers.
• Automated premium payment processing via the connected payment gateways.
• Notifications to customers about the application status changes, successful payments, expiring documents, etc.
• AI-based chatbot to help customers solve operational, technical, and security issues.

Customer features:

• Managing and updating personal/business information.
• Template-based creation of parametric insurance applications.
• Paying premiums by a preferred payment method: bank transfer, card, digital wallet, direct carrier billing, etc.
• Uploading the proofs of loss and submitting them to the insurer.
• Full history of parametric insurance transactions.
• (optional) A self-service parametric insurance price calculator.

• Permission-based access control.
• Multi-factor authentication, including biometric authentication.
• A complete audit trail of parametric insurance activities.
• AI-powered fraud detection.
• Data encryption.
• Compliance with IFRS17, OFAC, CCPA, CPRA, SOC1 and SOC2, GDPR and PSD2 (for the EU), NYDFS (for NYC), other relevant global and local regulations.
• (optional) Parametric insurance data hashing, timestamping, and recording in the immutable blockchain ledger.