Whilst parametric insurance has had significant traction in Europe and North America, the parametric needle hasn’t moved much in emerging economies because risk carriers and the marketplace have limited access to expertise, resources, and data. Parametric Insurance is the need of the hour in emerging economies, but there are gaps like high product rollout time and cost, limited quality reliable data, and lack of product awareness. Thus, emerging economies fail to get significant and sustainable benefits from this solution. WRMS has over 18 years of experience in offering parametric insurance to low-income communities and is now focusing on making sustainable risk management solutions more accessible, affordable & transparent for better disaster response and recovery of vulnerable communities.
The SecuRisk platform is backed by WRMS’ global data stack of surface weather, gridded climate data, agriculture yields, and remote sensing data on the cloud, which is secure, scalable, flexible, and collaborative with millions of data points getting added daily. The platform enables insurers to build, operate and monitor parametric insurance for global beneficiaries by leveraging our global data stack and integrated risk modeling.
The platform supports secure and rapid underwriting and claims management and has simple product education and capacity building tools keeping the needs of low-income communities in mind. It is a very simple, transparent, & easy-to-navigate platform that is specialized to serve emerging economies & low-literacy communities. The platform has an interface for insurers and reinsurance to evaluate and underwrite parametric policies. It also allows them to manage their portfolio risk and claims through the system. The customer-facing front-end also has a mobile application that enables the end-to-end parametric insurance policy lifecycle management for customers through a simple interface.
The platform has the potential to serve a diverse set of customers such as individuals, aggregators, development institutions, brokers on the demand side, and insurers and reinsurers on the supply side.
Article by Mr. Anuj Kumbhat, CEO & Founder, WRMS
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