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Parametric insurance, a trilliondollar market opportunity globally in near future
THE INSURANCE TIMES
|June 2024
Neeraj Kaushik Principal Consultant Infosys McCamish Atlanta (GA), USA
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Introducing Neeraj Kaushik
Neeraj Kaushik is a Product Leader for the Infosys McCamish NGIN platform initiative at Infosys McCamish Systems. Neeraj is an innovative and effective leader recognized for achieving exceptional results in highly competitive environments requiring continuous improvement and has driven the business of large-scale technology projects based out of the US, UK, India, and China Geography for the last 20+ years. He has an excellent business domain, architecture, design, and implementation skills in various life insurance administration as well as producer management & compensation systems.
Neeraj has been part of Big 4 Consulting firms where he led digital transformation programs for the Insurance Industry. He also holds Linkedin top voice badge for Insurtech, AI and Business Analysis. He holds a master's degree in insurance & risk management from BIMTECH (India) and the designations of ALMI (LOMA) and Fellow (III India). He is also a Fellow Member of RMAI and RMAI-Industry Expert-Life Insurance and AI for US Markets.
Q. How parametric insurance is different from traditional indemnity insurance models?
A. Parametric insurance, also known as index-based insurance, differs fundamentally from traditional indemnity insurance. Instead of reimbursing for the actual loss incurred, parametric insurance pays out a predetermined amount based on the occurrence of a specific event. These events are typically quantifiable and can include natural disasters like hurricanes, earthquakes, or even specific weather conditions such as rainfall levels or temperature extremes.
The key components of parametric insurance are:
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