Product Design and Distribution

V1.0 (15/10/2026) AU

This statement explains how we design and distribute WeatherIt rain insurance in Australia, in line with Part 6 of the 2025 General Insurance Code of Practice.

In this document, “we”, “us” and “our” mean Insuretech Services Pty Ltd (ABN 26 683 621 285) trading as WeatherIt, an Authorised Representative (No. 001317725) of the insurer, Mitsui Sumitomo Insurance Co., Limited (ABN 49 000 525 637) (AFSL 240816).

Our product

WeatherIt rain insurance is parametric insurance. It pays a fixed cash amount if rainfall measured at the official weather station nearest the insured location reaches the trigger shown in the policy schedule during the covered hours. It pays automatically and no claim form is needed. It does not reimburse actual costs or losses.

Because the trigger is measured at the official weather station nearest the insured location, conditions at the actual venue may differ from those recorded. This is known as basis risk and is a feature of all parametric insurance products. It is disclosed to customers before purchase.

How we design it

• We design the product with the insurer, who approves it before it is offered.
• Rain triggers and prices are set using historical rainfall records from official weather stations.
• The policy wording is written in plain language and the cover is shown before purchase.
• WeatherIt maintains a product approval policy. New products and material changes to existing products require insurer approval before being offered to the market.

Who it is for

The product is designed for people planning an outdoor activity, event or stay in Australia who want a set payment if it rains on the day.

The product reaches end consumers through distribution partners — accommodation providers, event booking platforms and similar businesses — who offer it alongside a booking. WeatherIt’s direct customers are these partner businesses.

It is not suitable for someone who wants to be reimbursed for the actual cost of a cancelled or disrupted plan, or who needs cover for loss or damage to property.

How we distribute it

• Directly, through our website.
• Through distribution partners, such as accommodation and booking businesses, who offer it alongside a booking under a written agreement with us that requires them to present the product accurately, within its intended scope, and to report complaints to us promptly.

Information provided by us or our partners is general advice only and does not take into account a customer’s personal circumstances.

How we monitor and review it

We and the insurer review trigger event data, complaints, payouts, cancellations and customer feedback at least annually to check the product continues to meet the needs of the people it is designed for. We will also initiate a review sooner if there is a material change to the product, a notable increase in complaints, or if trigger outcomes suggest basis risk may be materialising in practice. If the product is not meeting its intended purpose, we will act, which may include recalibrating triggers, changing the product or restricting how it is sold.

Contact us

For questions about this statement, email hello@weatherit.ai.