Carriers have started to unlock the power of conversational data, mostly through chatbots, but often fail to follow three key principles during the transition.
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"By having a simple yes/no metric, such as a temperature that rises above a certain level or drops below a specified level for an agreed-upon amount of time, parametric insurance removes the need to have an adjuster go into the field..."
As part of this month’s ITL Focus on parametric insurance, we spoke with Henry Gale, parametric insurance research lead at Instech London, on the prospects for this increasingly popular approach to insurance.