Index Triggers

Real-time geospatial drought and flood indices automate parametric insurance triggers, enabling swift payouts and reducing risk for insurers and policyholders.

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How does it work?

Traditional indemnity insurance claims require manual loss assessments, causing delays and disputes. Automated geospatial triggers based on objective drought and flood indices streamline claims processing and ensure transparent, timely payouts.

Objective Payouts: Geospatial indices remove subjective assessments from claims triggers. This ensures consistent, dispute-free payouts based solely on measurable conditions.
Rapid Claims: Automated index calculations detect drought and flood events in near real time. This accelerates payout timelines, improving client trust and satisfaction.
Risk Reduction: Accurate spatial data quantifies event severity and exposure areas. Insurers can adjust premium rates and reserves based on precise risk metrics.
Transparent Monitoring: Clients and insurers access the same index data through a shared dashboard. This transparency builds confidence in trigger outcomes and simplifies audits.
Scalable Coverage: Cloud-based analytics process petabyte-scale imagery across large regions. Insurers can extend parametric products to new markets with minimal infrastructure.
Compliance Support: The platform logs index computations with timestamps and metadata. Detailed audit trails facilitate regulatory reporting and internal governance.

Frequently asked questions

Have a different question and can’t find the answer you’re looking for? Reach out to our support team by sending us an email and we’ll get back to you as soon as we can.

How does parametric insurance differ from traditional indemnity insurance?: Parametric insurance pays claims based on predefined indices rather than actual loss assessments. This model removes subjectivity and expedites payouts but does not require field inspections.
How do geospatial triggers compare to weather station-based triggers?: Geospatial triggers leverage satellite and remote-sensing data for broader, uniform coverage without reliance on sparse ground sensors. This approach reduces data gaps and mitigates local measurement errors common in station-based triggers.
Why are drought and flood indices popular triggers in parametric insurance?: Drought and flood events have clear physical signatures in remote-sensing data, making indices reliable and repeatable. Their widespread availability and high resolution support scalable, transparent insurance products.
Can policyholders customize trigger thresholds or index selection?: Most platforms allow adjustment of threshold levels and choice of standardized indices to match risk appetite and region. Customization enables tailored products but may require additional calibration and validation steps.
What limitations should insurers consider when using index-based triggers?: Index-based triggers may not capture microclimate or localized losses below detection limits, potentially leading to basis risk. Insurers should combine them with traditional underwriting or onsite verification for comprehensive risk management.
What alternatives exist to geospatial parametric triggers?: Alternatives include ground-based sensor networks, weather station data feeds, and hybrid products blending parametric and indemnity coverage. Each option balances cost, coverage granularity, and verification complexity differently.

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