Understand the common terms related to parametric insurance, especially for the agricultural sector
Data advancements have unlocked increased accuracy in risk identification, assessment, mitigation and underwriting. When it comes to parametric insurance, precise, high quality data is a prerequisite – thus as technology and data sources have improved, parametric products have flourished.
The precision and certainty provided by parametric insurance products has led to increased demand amongst agribusinesses. As more growers, cooperatives, and international food & beverage companies switch or compliment their traditional cover with parametric insurance, the technical terminology of new data sources can be difficult to fully grasp.
To help farmers and brokers better understand how parametric products use data & tools to visualize their risk exposure accurately, we have outlined useful terms related to data sources for agribusiness.
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