Weather Index Insurance

Index-based insurance coverage for agriculture businesses and farmers against climate risks where claims are automatically triggered by indices such as rainfall and temperature.

Insurance product

Claims payout based on indices

Weather Index Insurance protects the agriculture businesses and individual farmers against uncertain weather conditions. Claims are triggered automatically based on specific weather indices such as rainfall level, temperature, wind speed or other measurable weather-related events.

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.

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.

Powered by blockchain technology

We automate claims through the use of blockchain-based smart contracts. Our blockchain-based parametric insurance is also the first in Vietnam.

Protecting livelihoods in Vietnam

Severe climate changes have been affecting the yields and livelihoods of paddy rice farmers in Vietnam, often leaving them jobless, in debt, and cropless.

In partnership with the Vietnam Bank for Agriculture and Rural Development (AgriBank), Vietnam National Reinsurance Company (VINARE), and Agriculture Bank Insurance Joint-Stock Corporation (ABIC), we launched our first parametric insurance in Vietnam providing protection to paddy rice farmers and their livelihoods.

Learn how Igloo can help integrate customised insurance solutions to your platform

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.

Discovery and purchase

Optimised experience for discovery and selection of insurance products
Transparent and easy to understand; no complex terminology and insurance fineprint
Easy and convenient payment methods

Policy activation and management

Frictionless policy activation and management powered by full self serve technology platform
Authenticated access to ensure data security
Automated payment renewal that can be switched on and off based on preferences

Claims management

Online claim submission for expedited processing and reimbursements
Immediate notifications of claim and reimbursement status updates
Multi-channel customer support available for assistance

Want to know more about Igloo?

Get in touch at partnership@iglooinsure.com