AXA Climate and US-based Hailios partner up for new territories

 

AXA Climate is to partner up with Hailios to expand its Hail Protection parametric insurance product into new countries.

After an initial offering in North America, AXA Climate said it had begun to expand into France and Australia, calling Hailios a ‘key partner’ in making the expansion happen. In new markets, AXA Climate’s Hail Protection product remains similar as to that in North America. When an insured is hit with hail, Hailios will use its proprietary technology to record and report the characteristics of the storm.

This report is used as the reference to determine whether a parametric contract has been triggered and whether the insured is eligible for a payout.

Mia Vioulès, a senior underwriter at AXA Climate, said: “Hailios offers a simple and sophisticated solution for capturing the nuanced data AXA Climate needs to expand our parametric hail product into new regions. We also see the potential to develop new offers with Hailios given their ability to record a range of weather variables.”

The key product from Hailios is named Eyewitness. It is a 7kg, solar-powered sensor that is installed at ground-level to capture comprehensive weather data, including details of hail events.

Hailios has also developed Scoop, a centralised dashboard that provides 24/7 remote-access to monitor and manage all data sets collected by Eyewitness. Combined with radar and other historical data, this cloud-based dashboard allows AXA Climate and their partners to receive an event report for every storm while monitoring assets remotely and in real-time.

The US-based Hailios was one of ten teams selected in August 2020 as one of Lloyd’s cohort of InsurTech disruptors that will join the Lloyd’s Lab innovation accelerator programme.

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