Parametric Insurance Software

Build and configure parametric products with a low-code product builder, integrated
third-party data, and claims automation to deliver fast, transparent payouts.

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Trigger-based solutions

Technology built for dynamic and data-driven products

Manage parametric products with low-code builders designed to enable P&C insurers and MGAs with
market agility and real-time responsiveness.

Workflow Flexibility

Customizable product-specific workflows that
adapt to external data events and automate
manual tasks based on product configuration.

Parametric Underwriting

Collect real-time data from IoT and third-party
data sources for dynamic pricing, validation,
and underwriting

Integration Ecosystem

Enable rapid integration with any third-party
systems for pricing, underwriting, and
communication.

Product Builder

Parametric Design

Develop index-based products with low-code configurability
to enable agility for rapid product and trigger iteration.

Payout Design

Define lump sum payments or stair stepped payouts that increase with trigger
severity level.

Index Structure

Create a structure of permutations of triggers for CAT events with geographical
limits and multiple parameter thresholds.

Customization

Configure policies to activate only for events that cross peak thresholds for
bespoke coverage.

Feature Highlights

Parametric Features Designed for Business Teams

Configurable and flexible features that work together with AI-powered automation to help business teams design and
manage parametric products with ease.

Trigger & Payout Rule Engine

Flexibility to configure parameters and
automated payout rules based on trigger
severity and pre-defined thresholds.

Parametric Pricing

Integrate with third-party data sources to
dynamically adjust prices based on current
conditions and real-time rating parameters.

Self-service Portal

Dashboard for policyholders to view status of
claims payouts and upload proof of loss
documents.

Automated FNOL

Support customer-submitted claims (validated
via external data and adjustors) and fully
automated claims processing

Communication Management

Automate communication and updates to
customers about trigger events, payouts with
SMS and email templates.

Policy Validation

Issue policies based on eligibility criteria such
as location for cat in the box policies.

Parametric Solutions

Parametric Insurance Products for LOBs

Parametric Insurance to close coverage gaps and reduce risk exposure

Cat in the box

Pre-defined payouts for events based on
rainfall, heat etc within geographical limits for
weather index-based events.

Flight/Cargo Delay

Automated payouts triggered by delay duration
for business interruption coverage.

Cyber Insurance

Immediate payouts triggered by confirmed
cyber security incidents based on attack
severity index.

Frequently Asked
Questions

Questions you might ask about our products and
services.

What data sources does Insillion support for trigger events?

The Insillion parametric insurance software connects with a wide variety of third-party data sources. It can integrate real-time information from IoT devices, weather data for events like rainfall and heat, and specialized sources such as cyber attack severity indexes. This flexibility allows carriers and MGAs to build products using reliable and verifiable external data.

Using Insillion, carriers and MGAs can create numerous data-driven, trigger-based insurance products. Common examples include “Cat in a box” policies with pre-defined payouts for weather events in a specific location. They can also develop flight or cargo delay coverage that automatically pays for business interruption and cyber insurance that initiates payouts based on the severity of a security incident.

The Insillion parametric insurance software offers considerable flexibility for automating workflows. Carriers and MGAs use low-code tools to set up workflows for each product, channel, and persona. This automation of routine manual tasks, like data entry, results in faster service for customers, agents, and brokers.

With Insillion, MGAs and carriers have complete freedom in designing parametric products. They can define their own events and triggers. They can also integrate with any third-party data provider to create a unique insurance product that fits specific market needs.

Insillion provides a 180-day sandbox environment, allowing carriers and MGAs to test the platform fully. This trial period gives them a chance to see how their parametric insurance software would function in practice. They can build products, adjust rates, and configure payout triggers to experiment with the system before making a commitment.

Yes, Insillion allows for full customization of trigger conditions and payout structures. Insurance product teams can use a low-code product builder to design and modify triggers, defining the specific validations and rules. These can be changed quickly to align with market demands. Additionally, business teams can establish automated rules and eligibility criteria for both triggers and payouts.