Case Study: Singlife launches Singapore’s first parametric rainfall travel insurance with Arbol

How Arbol partnered with Singlife to Provide Parametric Rainfall Coverage

Singlife, a Singapore-based insurance company, faced the challenge of creating a unique travel insurance product to efficiently address trip disruptions caused by unpredictable heavy rainfall. They partnered with vendor Arbol and its global climate risk solutions platform to develop a parametric rainfall product, which was the first of its kind in Singapore.

Arbol's solution used its dedicated data infrastructure to create a policy that automatically triggers payouts when a destination receives over 6.4mm of daily rainfall for more than half of a trip. This data-driven approach provided rapid claims verification and payouts. As a direct result of implementing Arbol's parametric insurance, Singlife successfully covered over 100,000 travelers by March 2023, enhancing customer experience and establishing a new industry standard.

Singlife

Jinglong Pan

Head of General Insurance