Paris-based Lloyd’s coverholder Meteo Protect has announced the launch of an open insurance platform designed to enable insurers and startups worldwide to launch their own parametric insurance programs.
Leveraging Lloyd’s insurance and reinsurance licenses globally, ParametricAPI provides direct access to 300 pre-configured parametric or index products designed for weather-related risks.
The products are able to cover “individuals, SMEs and corporate clients against drought, excess of rain, heat and frost as well as other more specific risks,” explains Gabriel Gross, founder of Meteo Protect.
An Application Programming Interface (API) enables the connection of various IT systems or applications and allows them to use each other’s functionality.
Meteo Protect says the service, powered by its award-winning real-time pricing and underwriting engine VIVALDI, can also be used by other businesses looking to integrate weather insurance into their own product offering.
Furthermore, users can bring their own product ideas which can be rapidly included on the platform.
“Parametric insurance is the best solution to cover climate change related risks and reduce the protection gap, but it can be very complex to setup both on a regulatory perspective and technically,” adds Gross.
Meteo Protect sees ParametricAPI as a way to leverage its algorithms, database and risk-taking capacity to support traditional insurers and startups alike globally.
