WRMS provides integrated risk management and regulatory services that help financial institutions, insurers, and corporates understand, quantify, and manage their risk associated with weather – earthquakes, hurricanes, floods, and other weather events – and crop yields.
Risk Modeling & Management
What Benefits Do We Offer
Exposure Assessment
Assess exposure to natural catastrophes – eg cyclones, typhoons, droughts, floods, earthquakes.
Insurance Cover Design
Create a solution to cover the income & asset loss due to these catastrophes.
Stop-Loss Protection
Create a custom-made weather index-based cover that offers stop-loss protection after a certain threshold has been exceeded in large claims in agricultural portfolios due to severe weather events.
Who Can Benefit
Businesses affected by severe NatCat events; suffering income loss – due to business interruption – or asset loss.
Businesses that seek loans from microfinance institutions and banks.
Insurers covering large agricultural portfolios.
Our Happy Clients
What Benefits Do We Offer
- PML Analysis: Perform a yield- and / or weather-based PML (Probable Maximum Loss) analysis for insurers / reinsurers.
- Risk Exposure Measurement: Measure risk exposure and determine the premium that needs to be charged to insure that risk.
- Insurance Pricing: Help in pricing PMFBY and customised weather index based products.
- Exposure Analysis: Help insurers and reinsurers to quickly & accurately analyze exposure concentrations across geographies.
- Real-time Monitoring: Help insurers & reinsurers in real-time loss monitoring for weather- and yield-based portfolios.
- Leverage our IoT sensors, GIS technology, and Artificial Neural Networks to remotely monitor weather & crop yield.
- Analyze sown/damaged area for invoking prevented sowing.
- Conduct surveys and / or crop-cutting experiments (CCEs) to monitor the yield-based claims leveraging our on-ground team.
- Help insurers hedge their risk in the global reinsurance markets.
- Help reinsurers price the existing reinsurance treaties.
- Help reinsurers design and price customised weather index based stop loss covers.
- Helps farmers and AgriBusinesses get custom-made insurance covers based on their risk profile & appetite.
Who Can Benefit
Global Insurers
Reinsurers
Large Farmers
Agricultural Businesses
Our Happy Clients
Our Success Stories
Business case
Due to insufficient availability of historical data availability, insurance companies were not able to design a suitable product to cover the risk of loss of its seed crop on account of cloudy conditions during pollination.
What we did
- Designed a cover correlating rainfall of all weather stations within a 50 km radius of the cropped location to cover the risk of cloud cover.
Impact
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Cover was successfully tested across 200 acres.
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Helped insure seed crop during pollination under cloudy conditions.
Business case
Cholamandalam wanted to establish a robust Crop Insurance Product portfolio.
What we did
- Helped to structure Weather & Yield Index based products.
- Advised Cholamandalam to manage its Crop Insurance portfolio.
- Helped to build necessary banking channels for sales and distribution.
- Installed Weather Stations and conducted claim settling audits.
Impact
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Cholamandalam generated an income of US $ 20m in FY 13 - 14.
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The portfolio covered 20,000 farmers in Bihar and Rajasthan.
Business case
Large-scale implementation of subsidized weather insurance program.
What we did
- Embarked to remove technological, policy level and reinsurance capacity bottlenecks.
- Developed low cost weather stations, unmanned aerial vehicles, and automated yield measurement instruments to facilitate claim settlement.
- Developed low cost weather stations, unmanned aerial vehicles, and automated yield measurement instruments to facilitate claim settlement.
Impact
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Ministry consented in 2007 and granted support to Weather Insurance Products.
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~ 4,000 farmers for 10,000 acres in 2 districts of West Bengal were covered in Rabi 2009-’10.
Business case
WRMS was tasked to create a Comprehensive Agri Risk Management Services package that could make micro insurance commercially viable and sustainable for smallholder farmers.
What we did
- Provided insurance, mobile based agro-advisory service, and irrigation controllers to the farmers.
- Provided agri-advisory services & irrigation management systems to the farmers as preventive risk management measures.
- Used insurance to manage catastrophic risks.
- Facilitated bank loans to farmers.
Impact
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Provided these services to over 20000 farmers across India.
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Demonstrated that micro-insurance for small-scale farmers can be made commercially viable and sustainable by clubbing it with other risk management services.
