Index insurance
An index contract pays not on a damage inspection but on the value of a published index. When the index for an area crosses the threshold, the system itself calculates payouts to everyone insured in that area, with no notifications and no assessment.
Plan Professional and Enterprise plans.
What is inside
- A reference list of indexes and their published values
- Payout rules: index threshold, area, payout amount
- Bulk payout calculation for all contracts in the area with no notification
- Livestock insurance with index-based coverage, for example against dzud
- Payouts go through the same approval route as ordinary claims
Conditions
The insurer chooses the source of index values: values are entered into the reference list or loaded from a data provider’s file.
Frequently asked questions
How is index insurance different from ordinary insurance?
The payout depends on the index value, not on a damage assessment. The client does not need to file a notification, and the insurer does not need an inspection.
Which markets is it suited for?
For agricultural and livestock insurance, for example protecting herders in Mongolia against dzud, and also for weather risks.
How does the payout work?
The system calculates payouts for the contracts in the area, and then they go through approval and execution like ordinary payouts.
Use cases with this feature
Other features
Shall we show the system on your products?
We will build your product in the builder, take a policy from quote to claim and estimate the implementation cost for your lines of business and countries.