New Delhi: Weather Risk Management Services (WRMS), an agriculture and dairy risk management company, proudly announces its successful participation in ITC Asia 2023, one of the largest InsurTech events globally. Not only did WRMS showcase its revolutionary product, SecuRisk, an AI-enabled parametric insurance platform for emerging economies, catering to both insurers and reinsurers through its Dashboard and brokers and customers through its Mobile app, but it also proudly emerged as the recipient of the esteemed InsurTech Connect Asia Award.
ITC Asia 2023, held in Singapore, brought together tech entrepreneurs, investors, and insurance industry incumbents from around the globe. WRMS seized the opportunity to demonstrate the groundbreaking features and far-reaching impact of SecuRisk, which garnered significant interest from executives, entrepreneurs, and investors in attendance. The SECURISK platform being quite recent with its far-reaching impact opportunities for carriers and customers alike, became an engaging focal point in the conversations that resonated throughout the event. Discussions encompassed a diverse spectrum, spanning from exploring the comprehensive suite of programs and platform functionalities across the Asia-Pacific region to forging in-depth collaborations with insurers, insurtechs, and brokers from across the region.
Anuj Kumbhat, CEO and Co-founder of WRMS expressed his excitement about the event, stating, “ITC Asia provided an unparalleled platform for WRMS to showcase our commitment to developing climate, disaster, and agriculture risk transfer solutions. The overwhelming response and recognition we received for SecuRisk reaffirm our belief in the power of innovation and collaboration to transform the insurance industry.”
WRMS’s participation in the ITC Asia Awards proved to be a momentous occasion as the company emerged as the ultimate winner. The selection process comprised three rigorous stages, including nomination and shortlisting, ITC Asia Roadshow pitch sessions, and the grand finale of the ITC Asia Awards. Anuj Kumbhat delivered an impressive pitch about WRMS and the SECURISK parametric insurance platform, which captivated the ITC Expert Board and the audience.
The award not only validates the dedication and vision of the WRMS team but also opens new avenues for collaboration with global insurance partners. WRMS has already initiated follow-on conversations with interested insurance partners who met during the event to introduce innovative parametric insurance solutions in their respective markets. This recognition and the relationships built at ITC Asia will accelerate WRMS’s impact across emerging economies.
Looking ahead, WRMS has exciting plans for the future. The company announced the beta launch of SECURISK in Q3 2023, inviting insurers, reinsurers, brokers, and distribution partners to register their interest for participation in the exclusive beta round. With the tremendous interest garnered at ITC Asia, WRMS aims to scale SECURISK to 50 countries by the end of 2024, striving to fulfill a significant global protection need to be estimated at $160 billion.
SecuRisk, WRMS’s flagship product, is a global parametric insurance marketplace that streamlines the creation, validation, beneficiary onboarding, policy buying, and claim management processes. Supported by a proprietary global data stack, SecuRisk addresses the challenges faced by emerging nations by offering simple product education and capacity-building solutions tailored to the needs of low-income communities.
Parametric insurance has proven successful in Europe and North America but remains underutilized in emerging economies due to limited expertise, resources, and data access. WRMS aims to bridge this gap by providing efficient, accessible, and reliable insurance solutions to rising economies, ensuring they can benefit from this option in the long run.
About WRMS
WRMS started its risk management journey in 2005 by creating a full-stack digital-first solution to help insurers and reinsurers understand, quantify, and manage the risks associated with weather events and crop yields. As a pioneer with 18 years of experience, WRMS has bagged many world firsts in the parametric insurance space like designing and implementing the first-ever parametric insurance solution for countries like Fiji, Indonesia, and Bangladesh. WRMS also served diverse agri value chain players like seed companies, contract farming companies, and agri-input companies with their very first value-chain-enabled bundled index insurance solutions. The company has worked in 20 countries with esteemed clients like World Bank, PepsiCo, Bayer, Scor, UNWFP, WWF, GIZ, and UNCDF. https://wrmsglobal.com/index.html
