Unlike traditional insurance, which relies on lengthy loss adjustment procedures, parametric insurance pays out when a predefined event occurs as measured by a specified parameter or index.
This new generation of products complements or replaces traditional insurance at a more affordable premium that fits within contracting budgets, not on-top.
With no on-the-ground loss adjustment required, a parametric cover keeps cost low while offering precise protection.
We offer a new generation of parametric insurance products: fully transparent, providing swift claims payment, bespoke & more affordable than traditional covers.
SOURCE: Home — Descartes Parametric Insurance (descartesunderwriting.com)
What is parametric insurance?
