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How does it work?

Parametric insurance means more transparency for your clients who are automatically compensated, no more paperwork and claims.

Step 1

Set up a product

Choose an objective and measurable parameter such as the amount of water that falls or the minutes of delay during a journey.

Set a trigger point at which an insured is eligible for compensation.

Step 2

Collect the data

Once the product is created, the insurer connects with an oracle (public or private) that will allow him to obtain in real time a certified data that will be authentic for the compensation.

For example, Flight Stats is a tracker that detects any delay in the departure or arrival of planes.

In the event of a claim, the insurer automatically receives information from this oracle.

Step 3

Automatic compensation

When a claim is triggered, the conditions for compensation are automatically checked by the oracle and lead to the triggering or not of a compensation.

With parametric insurance, the rate of forgetfulness is over. The insured has no steps to take to obtain compensation.

He is automatically compensated for the lump sum provided for in the contract.

Get inspired! 

You have ideas? We have products!
Here are a few examples of innovative parametric insurance products we have created for our partners.

What are the benefits for you?

  • Offer an innovative and differentiating product

  • Improve your brand image and customer satisfaction

  • Generate additional revenues

  • Insure new risks

What are the benefits for your customers?

  • Know the amount of compensation in advance

  • No need to make any claims

  • Obtain a fast and automatic compensation

GoodsID x Wakam

GoodsID and Wakam have created an innovative offering using APIs and Blockchain. Insurance is fully integrated into the act of purchase with the replacement of your engagement ring in case of characterized theft. A unique, transparent offer with a fully automated customer journey.