In growing risk markets, insurance solutions are leap-frogging traditional products with new approaches and solutions to avoid substantial processing costs and keep claims cycles short and efficient. The result? Parametric insurance policies that payout specified amounts on notification of a loss.
Many traditional insurance companies are exploring ways to partner and integrate insurtech solutions and improve their processes. By understanding the fundamental concepts employed and lessons learned, traditional insurers may avoid a disruptive shift by adopting concepts from parametric insurtechs.
A version of this article originally published in PC360 to view it, click here.