InsurTech Parametric Insurance Platform — UK ClimaTech

Parametric Trigger Architecture

• Event-driven payout architecture: weather data source (ECMWF ERA5 reanalysis data + Met Office DataPoint real-time API) → trigger evaluation engine (parametric condition: if rainfall &gt
• X mm/72h at policy location) → automatic payout initiation (no human claims assessment).

Policy location

OS Places UPRN lookup — coordinates used for weather station proximity matching.

Trigger transparency

• policyholder can see real-time trigger status on dashboard.
• Lloyd's of

London Syndicate Integration

Lloyd's

Marketplace API

• capacity allocation from Lloyd's syndicates (the insurance underwriting capacity).
• ClickMasters integrated with the Lloyd's Electronic Placing Platform (PPL API) for programme submission, capacity allocation confirmation, and premium payment.
• Each parametric policy binds to Lloyd's syndicate capacity automatically when conditions are met (property type, location, coverage amount within pre-agreed parameters).

FCA ICOBS 5

demands and needs — each parametric policy must be matched to the customer's specific risk exposure (agricultural flood insurance matched to farm location and crop type).

Consumer Duty Consumer Understanding

parametric trigger conditions explained in plain English — "We pay you £X automatically if more than Y mm of rain falls within 5km of your farm in any 72-hour period" (not actuarial language).

Cancellation

14-day cooling-off period for consumer policyholders.

UK GDPR and Open Weather Data

• Weather data is not personal data — it is environmental data.
• Policyholder data (name, address, UPRN, bank account for payouts) is personal data.

Basis

contract performance.

Location data processing

the UPRN is the core data point for trigger evaluation — retained for policy period.

Payout history

• retained for 7 years (FCA recordkeeping).
• Flood risk data enrichment (JBA Risk Management API): adds flood risk score per property — not personal data.