Meteo Protect launches ‘quick to set up’ parametric cover platform
Paris-based underwriting agency Meteo Protect has launched ParametricAPI.com its open insurance application programming interface (API) to enable insurers and startups to run their own parametric insurance programs.
The platform gives access to 300 preconfigured parametric or index insurance products, which cover weather-related risks.
Gabriel Gross, founder of Meteo Protect, said parametric insurance is the best solution to cover climate change related risks and reduce the protection gap.
However, it can be very complex to setup both from a regulatory and technical perspective. But the company said its API can be set up in a matter of days and can be used to protect individuals, SMEs and corporate clients against drought, excessive levels of rain, heat and frost. The platform can also be integrated into other products and means users can introduce their own product ideas to the platform.
“With ParametricAPI.com, we are ready to leverage our experience, algorithms and database as well as our risk-taking capacity, and support traditional insurers and startups alike globally, Gross said.
As an authorised Lloyd’s coverholder, the company can leverage Lloyd’s insurance and reinsurance licenses globally.
The company also developed VIVALDI, an award-winning real-time pricing and underwriting engine.
Gabriel Gross, CEO at Meteo Protect, is confirmed to speak at Intelligent InsurTECH Europe (October 14, London). To secure one of the last few remaining passes, register here today: www.intelligentinsurtecheurope.com
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