{"id":3075,"date":"2025-07-30T05:04:40","date_gmt":"2025-07-30T05:04:40","guid":{"rendered":"https:\/\/dev.opendesignsin.com\/insillion\/?page_id=3075"},"modified":"2026-01-13T08:11:14","modified_gmt":"2026-01-13T08:11:14","slug":"parametric-insurance-software","status":"publish","type":"page","link":"https:\/\/dev.opendesignsin.com\/insillion\/products\/parametric-insurance-software","title":{"rendered":"Parametric Insurance Software"},"content":{"rendered":"

Parametric Insurance Software<\/h1><\/div>

Build and configure parametric products with a low-code product builder, integrated
\nthird-party data, and claims automation to deliver fast, transparent payouts.<\/p>\n<\/div>

Get in touch<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>

Trigger-based solutions<\/h5>\n<\/div>

Technology built for dynamic and data-driven products<\/h2><\/div>

Manage parametric products with low-code builders designed to enable P&C insurers and MGAs with
\nmarket agility and real-time responsiveness.<\/p>\n<\/div><\/div><\/div>

\"\"<\/div>

Workflow Flexibility<\/h4><\/div>
<\/div>
\n

Customizable product-specific workflows that
\nadapt to external data events and automate
\nmanual tasks based on product configuration.<\/p>\n<\/div><\/div><\/div>

\"\"<\/div>

Parametric Underwriting<\/h4><\/div>
<\/div>
\n

Collect real-time data from IoT and third-party
\ndata sources for dynamic pricing, validation,
\nand underwriting<\/p>\n<\/div><\/div><\/div>

\"\"<\/div>

Integration Ecosystem<\/h4><\/div>
<\/div>
\n

Enable rapid integration with any third-party
\nsystems for pricing, underwriting, and
\ncommunication.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/div><\/div><\/div><\/div>
Product Builder<\/h5>\n<\/div>

Parametric Design<\/h2><\/div>

Develop index-based products with low-code configurability
\nto enable agility for rapid product and trigger iteration.<\/p>\n<\/div><\/div><\/div>

\"\"<\/div>

Payout Design <\/h3><\/div>
<\/div>
\n

Define lump sum payments or stair stepped payouts that increase with trigger
\nseverity level.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div>
\"\"<\/div>

Index Structure<\/h3><\/div>
<\/div>
\n

Create a structure of permutations of triggers for CAT events with geographical
\nlimits and multiple parameter thresholds.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div>
\"\"<\/div>

Customization<\/h3><\/div>
<\/div>
\n

Configure policies to activate only for events that cross peak thresholds for
\nbespoke coverage.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/div><\/div><\/div><\/div>
Feature Highlights<\/h5>\n<\/div>

Parametric Features Designed for Business Teams<\/h2><\/div>

Configurable and flexible features that work together with AI-powered automation to help business teams design and
\nmanage parametric products with ease.<\/p>\n<\/div><\/div><\/div>

\t
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Trigger & Payout Rule Engine <\/h4><\/div>
<\/div>
\n

Flexibility to configure parameters and
\nautomated payout rules based on trigger
\nseverity and pre-defined thresholds.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t
\r\n\t\t\t
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\"\"<\/div>

Parametric Pricing<\/h4><\/div>
<\/div>
\n

Integrate with third-party data sources to
\ndynamically adjust prices based on current
\nconditions and real-time rating parameters.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t
\r\n\t\t\t
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\"\"<\/div>

Self-service Portal <\/h4><\/div>
<\/div>
\n

Dashboard for policyholders to view status of
\nclaims payouts and upload proof of loss
\ndocuments.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t
\r\n\t\t\t
\r\n\t\t\t\t\t\t\t\t
\"\"<\/div>

Automated FNOL<\/h4><\/div>
<\/div>
\n

Support customer-submitted claims (validated
\nvia external data and adjustors) and fully
\nautomated claims processing<\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t
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\"\"<\/div>

Communication Management<\/h4><\/div>
<\/div>
\n

Automate communication and updates to
\ncustomers about trigger events, payouts with
\nSMS and email templates.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t
\r\n\t\t\t
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\"\"<\/div>

Policy Validation<\/h4><\/div>
<\/div>
\n

Issue policies based on eligibility criteria such
\nas location for cat in the box policies.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\r\n\n<\/div><\/div><\/div><\/div><\/div>
Parametric Solutions<\/h5>\n<\/div>

Parametric Insurance Products for LOBs<\/h2><\/div>

Parametric Insurance to close coverage gaps and reduce risk exposure<\/p>\n<\/div><\/div><\/div>

\"\"<\/div>

Cat in the box<\/h4><\/div>
<\/div>
\n

Pre-defined payouts for events based on
\nrainfall, heat etc within geographical limits for
\nweather index-based events.<\/p>\n<\/div><\/div><\/div>

\"\"<\/div>

Flight\/Cargo Delay <\/h4><\/div>
<\/div>
\n

Automated payouts triggered by delay duration
\nfor business interruption coverage.<\/p>\n<\/div><\/div><\/div>

\"\"<\/div>

Cyber Insurance <\/h4><\/div>
<\/div>
\n

Immediate payouts triggered by confirmed
\ncyber security incidents based on attack
\nseverity index.<\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/div><\/div><\/div><\/div>

Perspectives on Parametric Insurance<\/span><\/span><\/span><\/span>\u00a0<\/span><\/h2><\/div>

Parametric insurance is becoming\u00a0<\/span>a popular way<\/span> for carriers and MGAs to provide coverage, especially <\/span>in specialized and high-risk lines.
\nOur team shares insights on how technology empowers insurers to offer this innovative protection.<\/span><\/span>\u00a0<\/span><\/p>\n<\/div><\/div><\/div>

<\/span><\/a><\/span>

Flight Delay Parametric<\/h3>\n

Learn how technology can enable a seamless parametric insurance experience for flight delays.<\/span><\/span><\/p>\n<\/div>

Read More<\/span><\/a><\/div><\/div><\/div>
<\/span><\/a><\/span>

Parametric Insurance<\/h3>\n

Discover why the MGA business model is an excellent fit for providing parametric coverage.<\/span><\/span><\/p>\n<\/div>

Read More<\/span><\/a><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>

Frequently Asked
\nQuestions<\/h2><\/div>

Questions you might ask about our products and
\nservices.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>What data sources does Insillion support for trigger events?<\/span><\/a><\/h4><\/div>
\n

The Insillion parametric insurance software connects with a wide variety of third-party data sources. It can integrate real-time information from IoT devices, weather data for events like rainfall and heat, and specialized sources such as cyber attack severity indexes. This flexibility allows carriers and MGAs to build products using reliable and verifiable external data.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>What parametric products can MGAs and Carriers create with Insillion?<\/span><\/a><\/h4><\/div>
\n
\n

Using Insillion, carriers and MGAs can create numerous data-driven, trigger-based insurance products. Common examples include “Cat in a box” policies with pre-defined payouts for weather events in a specific location. They can also develop flight or cargo delay coverage that automatically pays for business interruption and cyber insurance that initiates payouts based on the severity of a security incident.<\/p>\n

<\/div>\n<\/div>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>How much flexibility is available to automate workflows for parametric insurance products?<\/span><\/a><\/h4><\/div>
\n

The Insillion parametric insurance software offers considerable flexibility for automating workflows. Carriers and MGAs use low-code tools to set up workflows for each product, channel, and persona. This automation of routine manual tasks, like data entry, results in faster service for customers, agents, and brokers.<\/p>\n

<\/div>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>How much freedom is there to design parametric products?<\/span><\/a><\/h4><\/div>
\n

With Insillion, MGAs and carriers have complete freedom in designing parametric products. They can define their own events and triggers. They can also integrate with any third-party data provider to create a unique insurance product that fits specific market needs.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>Can Insillion be tested before making any commitments?<\/span><\/a><\/h4><\/div>
\n

Insillion provides a 180-day sandbox environment, allowing carriers and MGAs to test the platform fully. This trial period gives them a chance to see how their parametric insurance software would function in practice. They can build products, adjust rates, and configure payout triggers to experiment with the system before making a commitment.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>Can carriers and MGAs customize trigger conditions and payout structures?<\/span><\/a><\/h4><\/div>
\n
\n
\n
\n

Yes, Insillion allows for full customization of trigger conditions and payout structures. Insurance product teams can use a low-code product builder to design and modify triggers, defining the specific validations and rules. These can be changed quickly to align with market demands. Additionally, business teams can establish automated rules and eligibility criteria for both triggers and payouts.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":1631,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"100-width.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-3075","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/pages\/3075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/comments?post=3075"}],"version-history":[{"count":26,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/pages\/3075\/revisions"}],"predecessor-version":[{"id":4153,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/pages\/3075\/revisions\/4153"}],"up":[{"embeddable":true,"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/pages\/1631"}],"wp:attachment":[{"href":"https:\/\/dev.opendesignsin.com\/insillion\/wp-json\/wp\/v2\/media?parent=3075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}