Weather Risk Management Services (WRMS), an agriculture and climate risk management firm, launched SecuRisk to fill a $160 billion global protection need. SecuRisk is a global parametric insurance marketplace that enables product creation, validation, digital beneficiary onboarding, product education, policy buying, claim management, and settlement. The platform is supported by a proprietary global data stack, as well as simple product education and capacity-building solutions tailored to the needs of low-income communities. On the demand side, SecuRisk serves individuals, aggregators, development institutions, brokers, and on the supply side, insurers and reinsurers.
While parametric insurance has gained acceptance in Europe and North America, it has yet to gain traction in emerging nations due to risk carriers’ and the market’s limited access to expertise, resources, and data. Insurance Based on Parameters Is critical in emerging economies, however there are gaps such as long product rollout times and costs, low quality accurate data, and a lack of product awareness. As a result, rising economies do not reap considerable and long-term benefits from this option.
“The global underinsurance gap is $160 billion, 96% of which is in emerging economies; Asia accounts for over 85%. The challenge is that traditional indemnity-based insurance solutions have not been able to fill this gap because they are data and resource intensive, expensive, and time-consuming which makes them unviable to cover small ticket risks relevant for these economies. The solution is Parametric Insurance, but while there has been significant traction in Europe and North America, the parametric needle hasn’t moved much in emerging economies.” said Anuj Kumbhat, Founder & CEO, WRMS.
With its SecuRisk technology, WRMS is confident in its ability to overcome these hurdles. The platform is supported by WRMS’ global data stack in the cloud, which includes surface weather, gridded climate data, agricultural yields, and remote sensing data, and is safe, scalable, flexible, and collaborative, with millions of data points uploaded daily.
Talking more about the platform Anuj Kumbhat added, “While designing this platform we had one thing very clear; it should be simple, transparent & easy to navigate to serve emerging economies & low literacy communities. The platform has an interface for insurers and reinsurance to evaluate and underwrite parametric policies. It also allows them to manage their portfolio risk and claims through the system. The customer-facing front-end also has a mobile application that enables the end-end parametric insurance policy lifecycle management for customers through a simple interface.”
Anuj further added, “Our comprehensive parametric insurance platform enables insurers to build, operate and monitor parametric insurance for global beneficiaries by leveraging our global data stack and integrated risk modeling. The platform supports secure and rapid underwriting and claims management and has simple product education and capacity building tools keeping the needs of low-income communities in mind.”
Importantly, WRMS has achieved numerous firsts in the parametric insurance area for nations such as Fiji, Tonga, Bangladesh, Haiti, India, Cambodia, India, and Vietnam, to name a few. WRMS has over 18 years of expertise providing parametric insurance to low-income communities and is now working on making sustainable risk management solutions more accessible, affordable, and transparent in order to improve disaster response and recovery in vulnerable areas.
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