CelsiusPro AG, the Swiss headquartered climate index insurance coverage and parametric threat switch specialist, has launched ParameterPro 2.0, which is the newest 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 all the time had a expertise focus, having beforehand developed a white label platform by which insurers may value 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 house, each on the capability and expertise aspect, with ParameterPro 2.0 the newest new technological improvement 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 gives 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 deal with the rising unpredictability of local weather dangers. It’s initially targeted on parametric hurricane and earthquake triggers, but additionally offers world entry to complete local weather and NatCat datasets.
Dangers may be analysed in near-real time and utilizing historic information to help decision-making, whereas data-rich visualisations might help in translating options to shoppers.
However the final purpose 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 helpful characteristic of the platform is the power to check out parametric buildings and the way they may reply to consumer wants, mixing stochastic occasion units with historic information, to mannequin out loss eventualities and anticipated premiums that meet shoppers’ expectations.
Mark Rueegg, CEO of CelsiusPro, mentioned, “With ParameterPro 2.0, brokers acquire entry to information, in-depth insights, and effectivity. Our platform combines modern expertise, local weather information 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 business.”
