New earthquake insurance uses tech for swift payouts
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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…
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