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Tuesday / July 2. 2024

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Agrotech, Company News, Start ups

WRMS showcased its innovative parametric insurance marketplace, SecuRisk including AWAQE, a revolutionary automatic weather station with AI-powered climate sensors.

WRMS, a leader in climate action and sustainability, participated in the recent Bihar Climate Action Expo 2024 at Gyan Bhawan, Patna. The event, organized by WRI India in collaboration with UNEP and Shakti Sustainable Energy Foundation, along with the Department of Environment, Forest and Climate Change, Bihar, and the Bihar State Pollution Control Board, served as a platform for organizations dedicated to paving the way for a more sustainable future.

The Bihar Climate Action Conclave, a key component of the expo, aimed to launch the strategy document and facilitate discussions on Bihar’s ambitious climate actions. WRMS played a significant role in contributing to this dialogue, showcasing its commitment to driving climate action and confronting the challenges of climate change.

At the Expo, WRMS proudly presented its innovative parametric insurance marketplace, SecuRisk. This groundbreaking platform demonstrates WRMS’s dedication to providing sustainable solutions in the face of climate challenges. #SecuRisk represents a new frontier in parametric insurance, offering a forward-thinking approach to climate risk mitigation.

In addition to SecuRisk, WRMS showcased its diverse climate action solutions, including AWAQE, a revolutionary automatic weather station with AI-powered climate sensors. Developed by Ingen Technologies, a subsidiary of WRMS Global, AWAQE exemplifies the fusion of cutting-edge technology and environmental consciousness. This advanced weather station stands as a testament to WRMS’s commitment to leveraging innovation for sustainable development.

Ashish Agarwal, Co-Founder & CTO of WRMS, expressed enthusiasm about the company’s participation in the Bihar Climate Action Expo 2024 and stated, “At WRMS, we believe in the power of collaboration and innovation to address the urgent challenges posed by climate change. Our presence at the Bihar Climate Action Expo reflects our commitment to contributing meaningful solutions for a sustainable future. Through initiatives like SecuRisk and AWAQE, we aim to inspire positive change and encourage collective action towards a greener, more resilient world. We are honored to be part of this important dialogue and look forward to continuing our efforts in driving climate action and fostering environmental stewardship.”

The presence of WRMS at the Bihar Climate Action Expo underscores the company’s dedication to collaborative efforts in addressing climate change. By participating in this platform, WRMS aims to foster a collaborative environment for sharing knowledge and advancing solutions. The company looks forward to contributing to the brighter, greener future envisioned for all.

As WRMS continues to drive climate action and tackle the challenges posed by climate change, the company remains steadfast in its commitment to implementing suggested strategies and accelerating Bihar’s developmental trajectory towards a sustainable and resilient future.

WRMS showcased its innovative parametric insurance marketplace,

Agrotech, Company News, India, Start ups

ITC Asia 2023, held in Singapore brought together tech entrepreneurs, investors, and insurance industry incumbents from around the globe.

Weather Risk Management Services (WRMS), an agriculture and dairy risk management company, proudly announces its successful participation in ITC Asia 2023, one of the largest InsurTech events across the globe. Not only did WRMS showcase its revolutionary product, SecuRisk, an AI-enabled parametric insurance platform for emerging economies, catering to both insurers and reinsurers through its Dashboard and brokers and customers through its Mobile app, but it also proudly emerged as the recipient of the esteemed InsurTech Connect Asia Award.

ITC Asia 2023, held in Singapore brought together tech entrepreneurs, investors, and insurance industry incumbents from around the globe. WRMS seized the opportunity to demonstrate the ground-breaking features and far-reaching impact of SecuRisk, which garnered significant interest from executives, entrepreneurs, and investors in attendance. The SECURISK platform being quite recent with its far-reaching impact opportunities for carriers and customers alike became an engaging focal point in the conversations that resonated throughout the event. Discussions encompassed a diverse spectrum, spanning from exploring the comprehensive suite of programs and platform functionalities across the Asia-Pacific region to forging in-depth collaborations with insurers, insurtechs, and brokers from across the region.

Anuj Kumbhat, CEO and Co-founder of WRMS expressed his excitement about the event, stating, “ITC Asia provided an unparalleled platform for WRMS to showcase our commitment to developing climate, disaster, and agriculture risk transfer solutions. The overwhelming response and recognition we received for SecuRisk reaffirm our belief in the power of innovation and collaboration to transform the insurance industry.”

WRMS’s participation in the ITC Asia Awards proved to be a momentous occasion as the company emerged as the ultimate winner. The selection process comprised three rigorous stages, including nomination and shortlisting, ITC Asia Roadshow pitch sessions, and the grand finale of the ITC Asia Awards. Anuj Kumbhat delivered an impressive pitch about WRMS and the SECURISK parametric insurance platform, which captivated the ITC Expert Board and the audience.

The award not only validates the dedication and vision of the WRMS team but also opens new avenues for collaboration with global insurance partners. WRMS has already initiated follow-on conversations with interested insurance partners met during the event to introduce innovative parametric insurance solutions in their respective markets. This recognition and the relationships built at ITC Asia will accelerate WRMS’s impact across emerging economies.

Looking ahead, WRMS has exciting plans for the future. The company announced the beta launch of SECURISK in Q3 2023, inviting insurers, reinsurers, brokers, and distribution partners to register their interest for participation in the exclusive beta round. With the tremendous interest garnered at ITC Asia, WRMS aims to scale SECURISK to 50 countries by the end of 2024, striving to fulfill a significant global protection need estimated at $160 billion.

ITC Asia 2023, held in Singapore brought

Agrotech, Company News, India, Start ups

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