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."
