Day-to-Day Responsibilities
Design parametric products by choosing the trigger (for example, rainfall above a set level in a district), the payout amount and the policy terms.
Select and check data sources such as weather stations, satellite data and official meteorological records, so the trigger can be measured independently.
Work with actuaries to model how often triggers are likely to be hit, using historical data, and to set premiums.
Analyse basis risk, the gap between the trigger and the buyer's actual loss, and suggest design changes to reduce it.
Work with reinsurers, partner insurers, agri-tech or fintech firms and distributors to bring products to market.
Prepare product documents and check that they meet regulatory requirements before launch.
Review triggered payouts and product performance after each season or event, and refine the product for renewal.
