CelsiusPro AG, the Swiss headquartered climate index insurance coverage and parametric threat switch specialist, has launched ParameterPro 2.0, which is the most recent iteration of its expertise platform for brokers and the corporate says it may well streamline parametric insurance coverage structuring and modelling for them.
CelsiusPro has at all times had a expertise focus, having beforehand developed a white label platform by way of which insurers may worth and settle parametric insurance coverage merchandise, and even additional again launched QuotePro (in 2011) as a climate derivatives pricing platform for distribution companions.
The corporate has continued to innovate within the parametric threat switch area, each on the capability and expertise aspect, with ParameterPro 2.0 the most recent new technological growth from CelsiusPro.
ParameterPro 2.0 is alleged by the corporate to be “the primary in a line of successive releases tailor-made for brokers and threat managers,” and it provides them a toolkit that enables for the speedy visualisation, structuring, and modelling of parametric local weather and pure disaster insurance coverage options.
CelsiusPro believes the tech platform will assist brokers sort out the rising unpredictability of local weather dangers. It’s initially centered on parametric hurricane and earthquake triggers, but in addition supplies international entry to complete local weather and NatCat datasets.
Dangers will be analysed in near-real time and utilizing historic knowledge to help decision-making, whereas data-rich visualisations might help in translating options to shoppers.
However the final objective with ParameterPro 2.0 is to scale back parametric deal structuring time, enhance quote-to-bind ratios, and ship quicker, extra correct submissions to reinsurance capital suppliers.
One other useful characteristic of the platform is the power to check out parametric constructions and the way they could reply to consumer wants, mixing stochastic occasion units with historic knowledge, to mannequin out loss situations and anticipated premiums that meet shoppers’ expectations.
Mark Rueegg, CEO of CelsiusPro, stated, “With ParameterPro 2.0, brokers achieve entry to knowledge, in-depth insights, and effectivity. Our platform combines modern expertise, local weather knowledge science, and threat modelling to assist brokers ship superior worth to their shoppers.
“By enabling quicker, clearer, and extra knowledgeable decision-making, we goal to be the expertise supplier of option to the parametric insurance coverage trade.”
