CelsiusPro launches ParameterPro 2.0 to streamline parametric insurance structuring
CelsiusPro AG, the Swiss headquartered weather index insurance and parametric risk transfer specialist, has launched ParameterPro 2.0, which is the latest iteration of its technology platform for brokers and the company says it can streamline parametric insurance structuring and modelling for them.
CelsiusPro has always had a technology focus, having previously developed a white label platform through which insurers could price and settle parametric insurance products, and even further back launched QuotePro (in 2011) as a weather derivatives pricing platform for distribution partners.
The company has continued to innovate in the parametric risk transfer space, both on the capacity and technology side, with ParameterPro 2.0 the latest new technological development from CelsiusPro.
ParameterPro 2.0 is said by the company to be “the first in a line of successive releases tailored for brokers and risk managers,” and it offers them a toolkit that allows for the rapid visualisation, structuring, and modelling of parametric climate and natural catastrophe insurance solutions.
CelsiusPro believes the tech platform will help brokers tackle the growing unpredictability of climate risks. It is initially focused on parametric hurricane and earthquake triggers, but also provides global access to comprehensive climate and NatCat datasets.
Risks can be analysed in near-real time and using historical data to support decision-making, while data-rich visualisations can help in translating solutions to clients.
But the ultimate goal with ParameterPro 2.0 is to reduce parametric deal structuring time, improve quote-to-bind ratios, and deliver faster, more accurate submissions to reinsurance capital providers.
Another beneficial feature of the platform is the ability to test out parametric structures and how they might respond to client needs, blending stochastic event sets with historical data, to model out loss scenarios and expected premiums that meet clients’ expectations.
Mark Rueegg, CEO of CelsiusPro, said, “With ParameterPro 2.0, brokers gain access to data, in-depth insights, and efficiency. Our platform combines leading-edge technology, climate data science, and risk modelling to help brokers deliver superior value to their clients.
“By enabling faster, clearer, and more informed decision-making, we aim to be the technology provider of choice to the parametric insurance industry.”
