Meteo Protect launches the first Open Insurance API for Parametric Coverage

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Meteo Protect launches ParametricAPI.com, its open insurance platform, enabling insurers and startups around the globe to launch their own parametric insurance programs in just a few days.

"ParametricAPI.com provides direct access to 300 preconfigured parametric or index insurance products designed to cover weather-related risks, to protect individuals, SMEs and corporate clients against drought, excess of rain, heat and frost as well as other more specific risks ", announces Gabriel Gross, founder of Meteo Protect.

Leading the parametric insurance innovation wave with VIVALDI, its award-winning real-time pricing and underwriting engine, Meteo Protect launches ParametricAPI.com enabling insurers and startups to launch their own parametric insurance programs. The service can also be used by other businesses willing to integrate the benefit of weather insurance into their own product offering. Users can also bring their own product ideas which can be rapidly included on the platform.

"Parametric insurance is the best solution to cover climate change related risks and reduce the protection gap, but it can be very complex to setup both on a regulatory perspective and technically. With ParametricAPI.com, we are ready to leverage our experience, algorithms and database as well as our risk-taking capacity, and support traditional insurers and startups alike globally", adds Gabriel Gross.

Setup and transaction costs are kept minimal as the full process, from pricing all the way to claims management, is digitized.

Meteo Protect is a Paris-based underwriting agency, authorized as a Lloyd’s coverholder. As such, ParametricAPI.com leverages Lloyd’s insurance and reinsurance licenses globally.

For more information: parametricapi.com

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