Parametric Insurance! What a great idea. Takes a tremendous load off of cause and effect. Have a loss within the definitions of coverage and the time coverage frame and get paid for the agreed value. I have done this for years on antique vehicle coverage. Loss ratios on this type coverage is almost nil to none. Elimination of huge field expenses (adjusters, vehicles, equipment, all expenses associated with field adjustments.)With todays electronic connections, it can all be done from a central location.
That’s how the business started. Lloyd’s of London. “Underwriters” underwrote one voyage for one vessel at a time. Parametric. Simple. Everything is cyclical. The Industry is coming full circle, back around to where it started. Ironic.
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Parametric Insurance! What a great idea. Takes a tremendous load off of cause and effect. Have a loss within the definitions of coverage and the time coverage frame and get paid for the agreed value. I have done this for years on antique vehicle coverage. Loss ratios on this type coverage is almost nil to none. Elimination of huge field expenses (adjusters, vehicles, equipment, all expenses associated with field adjustments.)With todays electronic connections, it can all be done from a central location.
That’s how the business started. Lloyd’s of London. “Underwriters” underwrote one voyage for one vessel at a time. Parametric. Simple. Everything is cyclical. The Industry is coming full circle, back around to where it started. Ironic.