Digital Thinkers
Innovative parametric insurance solutions for everyone
BAOBA
A revolutionary parametric weather insurance product, offering customers protection against bad weather conditions through automatic reimbursement
Responsibilities
- Discovery
BAOBA is an up-and-coming player of the Insurtech market creating excellent customer-centric parametric insurance products. The vision and what BAOBA is building is a platform and marketplace with automated and data-driven insurances that support automated claim processing and real-time pay-out solutions. The focus of this project was the realization of the Weather Guarantee product beyond creating a platform for insurance management.
Problem
BAOBA approached us to help them streamline processes and concepts surrounding their Weather Guarantee product. The challenge was to gather all the existing materials and knowledge and start conceptualizing the Weather Guarantee product. Cooperation between the motivated, incredibly knowledgeable minds of BAOBA and our team provided a great opportunity to bring the team together and steer them towards the common goal of realizing the Weather Guarantee product.
Solution
Firstly we organized numerous encounters with the various stakeholders to get a deep understanding of the vision behind the Weather Guarantee product. Consequently we established a common knowledge base with all streams including data science, actuarial, legal and product. Despite the complex project we successfully went through the discovery process together with BAOBA where we conceptualized what the Weather Guarantee product would eventually become once realized. Finally we prepared a future roadmap and plan for how the product could come alive from an operational perspective.
As a result of our collaboration BAOBA was provided with a clear vision of the Weather Guarantee product and a general roadmap containing all steps, timings and resources required to create something amazing. We prepared a Business Requirements Specification (BRS), a Functional Requirements Specification (FRS) and an Implementation plan incorporating everything there is to know about the Weather Guarantee product and platform.
