Insurion provides a parametric insurance platform that automatically triggers predetermined payouts based on specific data thresholds, eliminating the need for damage assessment. This technology enables instant claim settlements for sectors such as tourism, logistics, and agriculture, enhancing customer satisfaction and reducing processing burdens for insurers.
Funding
$400K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional insurance claims processes often require manual damage assessments, leading to delays and increased administrative costs. This can result in customer dissatisfaction and inefficiencies for insurers, particularly in sectors like tourism, logistics, and agriculture where payouts need to be expedited.
Solution
Insurion offers a parametric insurance platform that automates the detection of insured events and triggers instant claim settlements based on predetermined data thresholds. By eliminating the need for manual damage assessment, Insurion enables insurers to provide a new level of service with immediate payouts to customers' bank cards. The platform integrates with various data sources to monitor relevant parameters, such as flight status, weather conditions, or delivery times, and automatically determines when an insured event has occurred. This allows for a self-service experience for policyholders and reduces the processing burden for insurance companies.
Target Audience
Insurion's primary customers are insurance companies looking to streamline their claims process and offer parametric insurance products in sectors such as travel, logistics, and agriculture, as well as partners like travel agencies, airlines, eCommerce businesses, and seed/fertilizer sellers.
Features
- Automated detection of insured events using data from various sources
- Instant payment processing to customer bank cards
- Online claiming process via a secure link sent to the insured client
- Integration with airline APIs to monitor flight status in real-time
- Weather data monitoring for adverse weather insurance products
- Tracking of parcel delivery status for delivery insurance
- Underwriting data and parameter recommendations for insurance products
- API integration for online stores and insurance companies