IA 3.3. Parametric solutions for insurance products

OVERVIEW

Status

10%

What kind of result is this?	New tool
What’s the area addressed?	Economic drivers, Incentives and Insurance Solutions Economy, Reinsurance
What’s the covered phase?	Prevention and recovery
What’s the addressed challenge?	Danger and risk estimation for pricing methods that allows the improvement of current insurance solutions for wildfires
What value is proposed?	A specialised wildfire parametric-insurance product will be designed and tested, covering the accurate assessment of burned area (and severity) to allow for a more efficient pay-out and claim resolution schemes, and the design and definition of the triggering conditions for the parametric products, based on strong technical and computational frameworks.
Who can use it?	Insurers
What type of tool is it?	Models
How does it look like?	It consists of an entire system which involves a set of cloud-based environments that allows the orchestration of workflow execution that provide the information required for risk transfer solutions.
This tool is…	⊠ a new tool	☐ an improved tool
What are the vision & mission statement?	Commercialise this tool, push for a data driven approach of its inputs leading the society behaviour to prevention measures.
When will it be complete?	TBA
Documentation	TBA
This IA is implemented in the Living Lab(s)…	Catalonia