The policies operate on a distinctive model, automatically triggering compensation for customers when specific predefined parameters are surpassed. Notably, the compensation is seamlessly provided without requiring customers to initiate contact with Baloise.
According to reports, Baloise has entered into a collaboration with industry leaders KASKO, Wetterheld, and Blink Parametric to bring these cutting-edge insurance products to the market. The joint effort signifies a significant leap forward in reshaping insurance solutions and elevating the customer experience in the face of unforeseen challenges related to travel.
The newly introduced parametric insurance policies from Baloise represent a departure from traditional insurance models by introducing a proactive and automatic compensation system. This means that customers will be reimbursed without the need for filing claims, streamlining the process and reducing the hassle associated with travel-related disruptions.
Baloise’s collaboration with KASKO, Wetterheld, and Blink Parametric underscores a commitment to leveraging expertise across multiple sectors to deliver innovative solutions. KASKO, known for its insurtech capabilities, Wetterheld specialising in weather-related data, and Blink Parametric contributing to parametric insurance expertise, bring a wealth of experience to the partnership.
Speaking about the move, Yannick Hasler, head of Private Clients and member of the Executive Committee of Baloise in Switzerland, said: “Parametric insurance closes gaps in coverage and offers a fully automated claims process and more proactive customer communication.”
He added: “We want to harness these opportunities and gain experience with this type of insurance.”
