The Demex Group partners with Vave
Climate-resilience technology provider The Demex Group and Vave , an algorithmic underwriting managing general agent and insurance API service platform, announced a partnership to deliver extreme temperature insurance to commercial properties across the United States.
Vave’s extreme temperature insurance is powered by Demex and designed to provide up to $1,000 of immediate cash during intense temperature events. By embedding Demex technology within Vave’s new commercial offering, policy holders are protected from the costs of extreme climate events.
Extreme temperature coverage is parametric, meaning that claims are directly linked to temperature. When the temperature passes a predefined threshold – for example, below 20°F in winter – a claim is immediately triggered. Payment is automatic, without need for a time- consuming adjustment process. The claim amount corresponds to the severity of the event. More extreme events drive larger losses and lead to higher claim payments. Policies are calibrated, based on hyper-local weather trends. Extreme weather insurance integrates property-level weather in nearly 42,000 zip codes with underwriting algorithms and estimates the climate risks at every Vave policy in the United States.
“At Demex, we believe insurers will lead the way helping people manage the effects of climate change. We’re excited to launch this product because we see it as one of the first major steps to create climate resilience for policy holders.” – Demex CEO Ed Byrns.
“The addition of Demex parametric weather cover to the Vave Commercial Property Product will give small businesses increased peace of mind that they can continue to operate following extreme weather. Our collaboration with Demex continues the Vave tradition of finding innovative ways to offer consumers enhanced coverage.” – Vave Head of Product Robert Porter.