Hailios

Cohort: Cohort 5, 2020 

Focus in insurance value chain/workflow: Loss Modelling & Analytics, Claims  

Specific lines of business supported: Corporate, SME, Speciality, Reinsurance  

Founded: 2017 

Status: Operating, still in insurance 

Company type: Data Provider 

Head office: USA 

Main global offices: USA 

Locations served: USA, Australia 

Employee count: 11-100 

Hailios has created compact sensors which detect and analyse hail. Its sensors are installed at policyholders’ locations to allow parametric insurance pay-outs to be triggered by localised hail data. Hailios sensors are used for parametric hail insurance in industries including automotive, agriculture, renewable energy, and commercial property.

Primary way aimed to improve insurance processes and tools whilst in the Accelerator: New sources of Risk Insight - Data or Models, Improving claims process.

The lab gave Hailios great insights into the Lloyd’s market. The first few weeks were crucial in the definition of their use case. Initially they wanted to build their own MGA, but after a few conversations they decided to change their approach and build a hail grid. For their POC, Hailios has tested their sensors in the IBS lab in Austria to have an official 3rd party certification. Hailios is  

looking at using Colorado Springs infrastructures to install their hardware for the hail grid. Their project has attracted a lot of interest in the insurance industry but because of the complexity of the POC, it will take a few more months for it to be in place.