Claims Process

The claims process is fully automated. The settlement is based on the selected data source and its observed values for the policy period defined.

Riskwolf will generate a claim advice for the insurer containing all relevant information of the claim for the defined policy holder. Based on the claim advice the payment is issued to the policy holder from the insurer.

Claims will be directly credited from the insurer to the policy holder, as defined in the policy schedule. Riskwolf will not be involved in the payment of any claims.

Fallback Scenario

In case mutually agreed data sources are inadequate or inaccessible, fallback mechanisms ensure fair compensation to policyholders by relying on alternative sources or proxies

Example: In total rainfall cover, if IMD data has missing values for specific dates, the parametric weather insurance contract employs the ERA5-Land data as a reliable proxy to ensure accurate compensation for the insured party.

Claim Documentation / Proof-of-Loss

In case of country specific regulations requiring a claim documentation of the policy holder, the policy holder is getting notified to provide additional documentation to the insurer. Technically Riskwolf can send out these notifications on behalf of the insurer.

Depending on the regulations, the policy holder need to provide to the insurer, a copy of the policy, a certificate of the claim and a proof of insurable interest.