Baloise’s Rapid Damage Cockpit & Parametric Coverage projects

Baloise took home the people’s choice award as well as second prize at a ceremony for the Swiss Insurance Innovation Awards, meaning that Baloise was once again recognized as one of Switzerland’s most innovative insurance companies.

This time around, the company garnered the approval of the judges with its Rapid Damage Cockpit (RDC) and Parasurance projects.

The project Rapid Damage Cockpit (RDC) 

The Rapid Damage Cockpit (RDC) is a system designed by Baloise to provide swift support to customers during emotionally challenging times. This tool uses an RDC map to pinpoint customers impacted by severe weather events. In the aftermath of such incidents, affected customers are automatically sent a form via email or text message. This form allows them to report any losses or damages easily and quickly on the same day. Baloise is also in the process of adding a feature that sends automated text messages to customers before a storm, aiming to proactively warn them about impending adverse weather conditions and provide details about its expected nature and severity.

The project Parasurance 

Baloise is enhancing its travel insurance by incorporating three new parametric coverage options. These additions include coverage for adverse weather, flight delays, and delayed baggage, complementing their existing travel insurance that covers cancellation costs, lost baggage, and hire car insurance. In partnership with KASKO , Wetterheld , and Blink Parametric , Baloise is making these coverages available, which can also be purchased separately.

The key feature of parametric insurance is the elimination of the need for policyholders to actively report claims. In this model, Baloise proactively reaches out to customers when the predefined conditions in the insurance terms are met.