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Clyde & Co has launched a digitally connected parametric insurance contract for use by insurers through its smart contract consultancy, Clyde Code, the London-based law firm said in a statement Wednesday.
The connected parametric insurance contract consists of a data model, a logic code and a supporting natural language contract and covers the insurance of a solar energy producer against the risk of a shortfall in expected energy generation due to unfavorable weather.
“The contract has been crafted as an off-the-shelf solution which insurers can use for a range of their solar energy producing clients,” Nadine Bairle, global head of legal technology at Clyde & Co in London, wrote in an email to Business Insurance. “Many of the insurance companies we have spoken with want this sort of contract, as managing paper-based insurance policies often requires costly, manual administration, creating inefficiencies for both insurers and their policyholders.”
The contract automates the policy by receiving weather data, calculating potential claims obligations, and producing an exportable report of insurance premiums or losses, the statement said, adding Clyde & Co plans to use this model to build other connected contracts for clients.
The contract has been built in collaboration with smart legal contracts platform Clause Inc. and according to the specifications developed by the Accord Project LLC, which defines technical specifications code such as data schemas, models and templates, although the contract can be deployed on other systems and platforms, the statement said.
"A connected contract is a digital agreement which links external software systems and data sources to enable the automatic execution of insurance contracts,” Lee Bacon, partner at Clyde & Co and co-founder of Clyde Code, said in the statement. “We are looking forward to expanding the scope of this product to cover different types of insurance and reinsurance agreements to meet client demand.”
Law firm Clyde & Co. L.L.P. said that Chinese firms' interest in acquiring stakes in Australian insurers has more than tripled since the end of 2015, reported The Sydney Morning Herald.