Parametric insurance
Insurtech solutions to mitigate risks resulting from natural disasters and climate change
Index-based insurance: filling gaps where traditional insurance falls short
Traditionally, claims settlements for catastrophe-related losses involve tedious – and oftentimes manual – processes and subjective decision making. Parametric insurance, or index-based insurance, is an innovative approach to insurance that insures a policyholder against the occurrence of a specific event by paying a set amount based on the magnitude of the event, as opposed to the magnitude of the losses. Before the start of the insurance period, a statistical index is developed to measure deviations from the normal level of parameters such as rainfall, temperature and earthquake magnitude. This allows for claims settlement to be quicker and more objective.
Claims payout based on indices
Lower your operational costs and increase operational efficiency with a parametric insurance product.
Transparent transactions, driven by indices
With parametric insurance products, indices – such as rainfall levels – are used to determine claims, hence avoiding the need for subjective decision making and/or manual errors.
Lower operating costs
As index-based insurance removes the need for manual assessments and verification, operating costs automatically go down.
Integrated experiences
Our APIs allow partners to integrate insurance products and flows onto their platforms for a seamless experience.
“With the growing intensity and frequency of climate change events over the years, we need to better support our farmers with innovations that would address the current challenges.”
<name>, <designation>, Vietnam Bank for Agriculture and Rural Development (AgriBank)
Protecting livelihoods in Vietnam
"With the growing intensity and frequency of climate change events over the years, we need to better support our farmers with innovations that would address the current challenges.”
<designation>, Vietnam Bank for Agriculture and Rural Development (AgriBank)
Insurance for all
Countries in the Southeast Asia region rank among the highest in the world for flood and typhoon risk, among other natural hazards. The economic impact resulting from weather and catastrophic events is magnified by the relatively low level of insurance penetration in the region.
As a leading insurtech firm in Southeast Asia, building sustainable ecosystems is a prerequisite for us. We are driving transformation of the industry by acting purposefully, not only in addressing protection for people, but also their rights, equality and integrity. We are determined in this focus as it is fundamental to our promise of providing affordable and accessible insurance for all.
Join us in the journey to provide insurance for all
Igloo’s core lies in the development of full stack solutions and services within the whole insurance journey value chain. We enable our partners to provide their users with the right insurance products in the most user friendly and optimised way.
