WRMS introduce SecuRisk to bridge the $160 Bn global underinsurance gap
Introducing the very first digital parametric insurance marketplace connecting carriers & customers.
New Delhi based Weather Risk Management Services (WRMS), an agriculture & climate risk management company, introduced SecuRisk to bridge the $160 billion global protection gap. SecuRisk is the digital-first global parametric insurance marketplace that supports product design, product validation, digital beneficiary onboarding, product education, policy purchase, claim management & settlement. The platform is backed by a proprietary global data stack and simple product education and capacity-building tools keeping the needs of low-income communities in mind. SecuRisk serves a diverse set of customers such as individuals, aggregators, development institutions, brokers on the demand side, and insurers and reinsurers on the supply side.
Whilst parametric insurance has had significant traction in Europe and North America, the parametric needle hasn’t moved much in emerging economies because risk carriers and the marketplace have limited access to expertise, resources, and data. Parametric Insurance is the need of the hour in emerging economies, but there are gaps like high product rollout time and cost, limited quality reliable data, and lack of product awareness. Thus, emerging economies fail to get significant and sustainable benefits from this solution.
“The global underinsurance gap is $160 billion, 96 per cent of which is in emerging economies; Asia accounts for over 85 per cent. The challenge is that traditional indemnity-based insurance solutions have not been able to fill this gap because they are data and resource intensive, expensive, and time-consuming which makes them unviable to cover small ticket risks relevant for these economies. The solution is Parametric Insurance, but while there has been significant traction in Europe and North America, the parametric needle hasn’t moved much in emerging economies.” said Anuj Kumbhat, Founder & CEO, WRMS.
Talking more about the platform Anuj Kumbhat added, “While designing this platform we had one thing very clear; it should be simple, transparent & easy to navigate to serve emerging economies & low literacy communities. The platform has an interface for insurers and reinsurance to evaluate and underwrite parametric policies. It also allows them to manage their portfolio risk and claims through the system. The customer-facing front-end also has a mobile application that enables the end-end parametric insurance policy lifecycle management for customers through a simple interface.”
Anuj further added, “Our comprehensive parametric insurance platform enables insurers to build, operate and monitor parametric insurance for global beneficiaries by leveraging our global data stack and integrated risk modeling. The platform supports secure and rapid underwriting and claims management and has simple product education and capacity building tools keeping the needs of low-income communities in mind.”
Introducing the very first digital parametric insurance