Parametric insurance is the new way to insure! It offers a more tailored experience—rather than simply paying out based on loss or damage, this policy pays when a specific event occurs.

Parametric insurance is an innovative type of coverage that allows individuals and businesses to customize their protection. Rather than the traditional approach where losses are compensated based on value, this policy pays out based on the occurrence of a predetermined event. With this approach insurers can provide more tailored coverage that better meets their customer’s needs.

Another advantage of parametric insurance is that it is often faster and easier to claim than traditional insurance. As the payout is determined by a specific event, rather than the value of the loss, there is often less paperwork and less need for adjusters to assess the damage. This means that policyholders can receive their payouts more quickly, sometimes even instantly.

Examples of Parametric Insurance

One example of parametric insurance is a flight delay solution that provides policyholders with a lounge pass if their flight is delayed. This type of coverage can provide a much-needed source of comfort and convenience during a frustrating travel experience. It can also save policyholders money on expensive airport food and drinks, as well as provide a place to relax and unwind. 

At baoba with a single API integration we are enabling our partners to offer instant access to 1200+ airport VIP lounges in case of a min. 2-hour delay. Learn more here!

Another example of parametric insurance is weather guarantee solutions that pay policyholders if certain weather conditions occur. For example, a policyholder might be able to receive a payout if there is a certain amount of rainfall or if a storm exceeds a certain wind speed. This type of coverage can provide peace of mind for those who are concerned about the impact of bad weather on their plans, such as outdoor events or activities.

Find a Solution with baoba

If you’re looking for personalized coverage that gives increased peace of mind to your customer base, baoba is a great partner. Visit our contact page to get in touch with one of our experts today. They can help you find the right coverage to fit your needs and provide the protection you need.

Let’s baoba together!