One of the strengths of using parametric insurance for climate-related perils and events is the ability to offer an immediate payout to policyholders who can’t afford to wait for financial assistance.
AXA Climate Underwriter Mia Vioulès and Robert Schablik, Associate Vice President, Head of Global Risk Management Sales at CoreLogic, join Matthew to discuss how the two companies are providing parametric insurance for property damage and business interruption caused by hailstorms.
The conversation covers how the technology behind the product works and the pain points being solved by parametric insurance.
Talking points include:
- The data and triggers being used in CoreLogic’s hailstorm model
- Using parametric to overcome traditional barriers to underwriting hail
- Educating buyers on the potential of parametric insurance
- Working with clients and brokers to build appropriate coverage
- How the AXA Climate School helps clients understand their climate change exposures
If you like what you are hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn.
More information and content from AXA XL and CoreLogic are available on their respective InsTech member profiles pages.
The InsTech report mentioned in the episode, ‘Parametric Insurance in 2022 - the 150+ companies to watch’, will be released on Tuesday 14 June. The report is free to InsTech members and we are offering a 50% discount code to non-members who register before 14 June.
If you would like to get regular updates on parametric insurance and climate-related risk developments, sign up to our Parametric Post and Climate Risk newsletters.
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Continuing Professional Development - Learning Objectives
InsTech is accredited by The Chartered Insurance Institute (CII). By listening to an InsTech podcast, or reading the accompanying transcript, you can claim up to 0.5 CPD hours towards the CII member CPD scheme.
The Learning Objectives for this podcast are:
- Discuss some of the typical pain points from climate-related perils and how parametric insurance offers a solution to those
- Identify the relevant data and information needed to build effective hailstorm models
- Explain the importance of companies understanding their climate change exposures
Let us know you have listened to this podcast by emailing firstname.lastname@example.org and if your organisation is a member of InsTech you will receive a quarterly summary of the CPD hours you have earned.
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