Context and Challenge:

The insurance sector is constantly facing the challenge of assessing and managing risk in an accurate and efficient manner. One type of insurance that is particularly difficult to assess and manage is parametric insurance, which pays out a predetermined amount based on the occurrence of a specific event, such as a natural disaster or pandemic. These events can be difficult to predict, and manual assessments can be time-consuming and prone to error.

Approach:

To address this challenge, we assist our client in the use of computer vision technology to automate the assessment and management of parametric insurance. Computer vision algorithms can analyze large amounts of data, such as satellite imagery or social media posts, to accurately predict the likelihood of certain events occurring. These algorithms can also be trained to recognize patterns and trends in the data, allowing for more accurate risk assessment.

Results:

By using computer vision to automate the assessment and management of parametric insurance, we contribute to improve the accuracy and efficiency of our client operations. This lead to reduced premiums for policyholders and increased profits for the insurance company.

Additionally, computer vision helps our client to respond more quickly to events, leading to faster payouts for policyholders and improved customer satisfaction. Overall, the use of computer vision provide a more effective solution to parametric insurance, helping the sector better serve its customers and improve its bottom line.

‍