Agriculture and climate risk management firm Weather Risk Management Services (WRMS), has unveiled SecuRisk, a digital-first global parametric insurance marketplace, to bridge the $160 billion global protection gap.
In a press release, the firm stated that SecuRisk supports product design, product validation, digital beneficiary onboarding, product education, policy purchase, claim management & settlement.
WRMS also noted that the platform is backed by a proprietary global data stack, as well as simple product education and capacity-building tools keeping the needs of low-income communities in mind.
SecuRisk will be available to a wide range of different customers, such as individuals, aggregators, development institutions, brokers on the demand side, and re/insurers on the supply side.
Even though parametric insurance has witnessed significant traction in Europe and North America, its overall footprint has not moved much within emerging economies due to risk carriers and the marketplace having limited access to expertise, resources and data.
“The global underinsurance gap is $160 billion, 96% of which is in emerging economies; Asia accounts for over 85%. The challenge is that traditional indemnity-based insurance solutions have not been able to fill this gap because they are data and resource intensive, expensive, and time-consuming which makes them unviable to cover small ticket risks relevant for these economies. The solution is Parametric Insurance, but while there has been significant traction in Europe and North America, the parametric needle hasn’t moved much in emerging economies.” said Anuj Kumbhat, Founder & CEO, WRMS.
With its SecuRisk platform, WRMS has said that it is confident to win over these challenges. The platform is backed by the firm’s global data stack of surface weather, gridded climate data, agriculture yields, and remote sensing data on the cloud.
Adding more about the platform, Kumbhat, said: “While designing this platform we had one thing very clear; it should be simple, transparent & easy to navigate 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-end parametric insurance policy lifecycle management for customers through a simple interface.
“Our comprehensive parametric insurance 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.”
