New earthquake insurance uses tech for swift payouts

Asian insurance company ART is helping to insure farmers and other underserved communities in India and China against natural disasters.

Singaporean fintech startup Asia Risk Transfer Solutions (ART) is developing insurance products that cover natural disasters. Designed specifically for underserved communities in India and China at high risk of experiencing a natural catastrophe, ART’s first product is for earthquake survivors. Using digital earthquake intensity maps, ART quickly assesses which areas were affected and how badly. The company assigns a monetary value to each level of effect, and then allocates payments accordingly.

Traditional means of assessing natural disaster damage include lengthy waits for on-site surveys and payouts. With ART insurance, customers can purchase products and check on the status of any claim through an app. And for those without a smartphone, insurance cards are available in local convenience stores.

Insurance coverage seems to be universally complicated, and technology is helping to ease the burden. This Canadian company provides automated insurance renewals, and this company’s insurance includes protection against hacks into driverless cars’ software systems. How else is insurance innovating to keep up with rapid climate change and citizens’ connectivity?