Parametric Index Insurance
Innovative parametric index-based coverage for climate risk financing
Insurtech solution
Weather index insurance
Insurance coverage for SME businesses and farmers against climate risks where claims are automatically triggered by indices such as rainfall and temperature.
Automatically triggered claims based on agreed upon thresholds, removing the need for field investigation.
Event-based triggers instead of outcome-based incentivises agriculture businesses and farmers to put preventative measures in place and employ recovery tactics to minimise crop failure and maximise yields.
Reduced administration and operational costs by leveraging trusted data sources and technology to automate claims approval, thereby allowing for lower premiums.
Real-time dashboard for index and claims monitoring.
Non-damage business interruption
Loan protection embedded in business and individual loans for the MSME segment, particularly the industries that are affected by climate risks, for eg. food delivery drivers, street vendors and other brick-and-mortar businesses that will typically be interrupted by bad weather. This product doesn’t cover natural disasters such as typhoons and earthquakes, since those are usually covered by disaster insurance products.
Igloo’s end-to-end solution for distribution partners
End-to-end solution that includes the system, indices, data, reinsurance, distribution and claims processing
Core
Start distributing our parametric index-based products that are tested and proven to help individuals and businesses whose livelihoods are affected by climate risks, all within weeks, not months or years.
Indices
We conduct extensive research with SCOR and our local project partners, selecting indices with wide coverage and high data accuracy so it’s win-win for you, Igloo, and your customers.
Data
Get access to real-time data of sales performance on our dashboard, and we work with you to optimise for mutually beneficial partnership.
Reinsurance
Our parametric index solution is jointly developed with a regional reinsurer SCOR, giving us coverage across markets while localising it so it’s relevant for your customers in your country.
Distribution
Igloo helps you with the distribution of parametric index insurance products, so you just manage the sales processes while we handle the policy issuance and everything after.
Claims
Don’t worry about post-sales as it’s all handled by automatic triggers. We take care of your customers’ claims and payouts, saving you operational hassle and overheads.
First in SEA to implement, with strong backing and proven results
Igloo covers every part of the customer journey, from quotes and activation to claims processing and renewals. Our industry niche expertise informs our insurance product blueprints, cutting short the time of designing bespoke offerings that suit your business and unique customer needs. Just kick back and relax while Igloo does what we do best while you do what you do best.
Implemented by
Vietnam partners
Sponsors
Award-winning innovation product
Having successfully delivered 200+ projects and actively maintaining them across Southeast Asia and online and offline channels, embedded insurance by Igloo+ is ready for any scale. Our regional partnerships are testament to our scaling capabilities. Regional expansion, multi-language, multi-currency - you name it, we support it. Online, offline or both, no sweat. Full access to our global network of reputable insurers all through the Igloo API.
Why Igloo
Distribution partners of parametric index solutions
MobiFone
Major Vietnamese mobile network operator headquartered in Trung Hoa Nhan Chinh, Hanoi. Founded on 16 April 1993, as a Global System for Mobile Communications launcher, MobiFone is the first and currently third largest telecommunications provider in Vietnam.
Farm Angel
Singapore based tech-enabled food and agri-products company with operations in Asia and Africa. Farm Angel provides a full-stack solution to smallholder farmers, businesses and agripreneurs across the entire agriculture value chain.
Discuss how parametric index insurance can help your business
Interested in finding out more? Fill out the form below and our commercial team will contact you within 2 business days.