The demand for parametric insurance will become more mainstream, as the range and impacts of climate-related weather events become more severe and unpredictable. Parametric insurance will likely become an option for organizations looking to build climate resilience and strengthen disaster response and recovery.
Hailios supports parametric insurance products by gathering real-time, ground-truth environmental data. Our free-standing systems empower insurance providers, especially parametric providers, to make more accurate and timely decisions. Any type of storm-related insurance model can benefit from environmental information collected by our sensors. Companies can sign up to receive our reports and gain access to transparent and accurate data for the desired use.
This type of technology can help us save the planet because we are collecting 24/7 environmental data, which gives a baseline of where we’re at as a planet. Hailios helps take the doubt out of climate change conspiracies so we as a society can move forward with solutions.
Parametric insurance is the future and the future is here. Parametric insurance makes it easier for the insurance adjuster because they have remote access to the data itself. We are working together with insurance companies for the benefit of the consumer to solve the problem-driven by climate change. Parametric insurance is not time-consuming and it’s not complicated for the user. Parametric insurance gives you peace of mind when you need it most and takes the guesswork out of estimating claims. To learn more about parametric insurance, read our blog here on the Importance of Parametric Insurance.
Parametric Insurance Gains Traction
Parametric insurance is gaining traction, especially for weather-related events. With increased complexity and unpredictability with climate-related weather risks, the demand for innovative parametric insurance options is increasing. Improved data and models enable parametric coverage as a more efficient, affordable, and viable option in the market. Parametric covers are not intended to replace traditional insurance – but to compliment them and speed up recovery. Once you hit a specific dollar amount of damage, it’s easy to file claims and replace your damaged goods with parametric insurance.
According to MarshMcLennan, parametric insurance is also being used for a variety of risks beyond climate-related weather disasters. Advances in big data analytics, computing power, and modeling processes are building more customized parametric insurance against other specific risks such as cyber, data breach, or even reputational damage.
Hailios cares about the planet and supports the bigger picture. It has become increasingly obvious that we need to take climate change seriously in order to reverse the negative effects on our environment. By collecting environmental data that speaks for itself, we take the doubt out of climate change conspiracies which allows room to progress with environmental solutions.