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A new generation of parametric insurance
A new generation of parametric insurance
We offer new, revolutionary parametric insurance products based on machine learning solutions and real-time weather monitoring to offer fast, simple, digital weather insurances. Everything online with no physical damage assessment, claim paperwork, full transparency and immediate compensation payout
Protection against bad weather on holidays: rain, temperature, lack of snow etc.
Protection against destructive weather: spring ground frost, hailstorms, drought etc.
Flexible solutions for renewables including lack or excess of rainfall, wind, or solar radiation
Our technology allows us to cover all weather sensitive industries such as transport or construction
An extreme weather event (e.g., rainfall, frost) occurs at a location covered by the insurance
Within an hour Climatica receives a confirmation of the event from an independent 3rd party collecting weather data
Climatica transfers the pre-agreed amount to the insured without any additional formalities
Average time from event to payment:
~12h
An extreme weather event (e.g., rainfall, frost) occurs at a location covered by the insurance
The insured needs to confirm that damage occured and obtain sufficient proof for the insurance company (e.g., pictures or receipts)
The damage has to be reported to the insurer, usually by filling out a form, providing a lot of details (policy number, personal details, damage description etc.) and attaching relevant documentation (e.g., pictures)
Insurance company registers the claim: verifies if the damage is covered by the policy, enters data to claim handling systems, starts claim processing workflow
A claim adjuster analyzes the submitted claim, contacts the customer in case data is missing or insufficient (e.g. unclear pictures) and calculates the compensation amount
A transfer order is sent to accounting and the compensation is paid when the internal approval process is completed
The insured may want to reopen the claim if he/she finds the adjuster's calculation to be inadequate. The process starts over
Average time from event to payment:
~3 weeks
Want to create brand new, innovative parametric weather event insurance products for your customers?
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