Understory launches parametric hail solution
Understory, a US provider of proprietary sensors for parametric insurance products covering severe weather risks like hail, has released Auto – Hail Safe, the first ever data-driven hail insurance product for auto dealers to address hail damage.
Understory's Dot sensors capture ground-truth weather data. The proprietary technology aims to provide cost-effective coverage and eliminate lengthy processing times. Understory partnered with global weather risk management company MSI GuaranteedWeather to bring Auto – Hail Safe to market.
Understory said it aims to simplify typical insurance complexities with one easy-to-use platform that empowers both the insurer and the insured. In the case of a hailstorm, the on-location Dot sensor automatically sends precise information about hail size to the insurance company. When a claim is triggered, an auto dealer receives their cheque within one to two weeks.
"Understory is introducing a paradigm shift to the insurance industry," said Alex Kubicek, Founder and CEO of Understory. "Our precision sensors are the gold-standard of ground-truth weather detection. They enable innovative products and fulfil the promise of insurance digitization.
“We're not talking about another weather app. We are talking about parametric insurance: a data-driven approach to financial risk, backed by long-time weather risk stakeholders like MSI GuaranteedWeather, along with a first-tier reinsurer, and many others. Customers finally have access to simple and cost-effective hail coverage— this is a truly disruptive way of doing business in a very traditional industry."
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk