Index insurance, better known as "parametric insurance" is a type of insurance based on weather indices whose values are defined in advance with clients.
Unlike traditional agricultural insurance, parametric insurance automatically compensates policyholders when one of the predefined thresholds (minimum or maximum) is reached.
The process is simplified as no loss adjusters are required and reimbursement is made within 48 hours of the thresholds being exceeded.
Choice of crop to be produced by the farmer, for a given period.
Bringing the farmer closer to Wiingou to take out parametric insurance.
- Type of insurance
- Type of crop to be covered
- Coverage period
- Area to be covered
- Index threshold
Electronic signature of the contract by all parties.
Once the contract is approved and the index set, our experts will keep monitoring the index between a maximum and minimum indicated in the contract based on certified data from NASA and NOAA.
As soon as a threshold is exceeded, compensation is automatically triggered.
Parametric insurance has the following advantages compared to conventional insurance, such as:
By combining data from several technologies such as remote sensing, Machine Learning or AI, parametric insurance provides a more reliable and refined analysis of risk management.
The farmer is compensated within 48 hours of exceeding the thresholds. This simplifies the procedure and allows the farmer to strengthen his resilience to climate disasters.
As there is no need for specialist experts to assess losses, parametric insurance has the advantage of being less expensive.