Clyde & Co offers a unique off-the-shelf connected parametric insurance contract for use by insurers.
The connected parametric insurance contract - which consists of a data model, a logic code and a supporting natural language contract - covers the insurance of a solar energy producer against the risk of a shortfall in expected energy generation due to unfavourable weather. It automates the performance of the policy by receiving weather data, calculating potential claims obligations, and producing an exportable report of insurance premiums or losses.
The contract is built in collaboration with smart legal contracts platform Clause and according to the specifications developed by the Accord Project, although it can be deployed on other systems and platforms.
Clyde & Co can use this model to build other bespoke or off the shelf connected contracts for clients to meet their specific needs and requirements.