CelsiusPro tech now powering parametric Pacific cyclone cover for NZ insurer Tower
CelsiusPro and New Zealand based primary insurance group Tower continue their partnership on a parametric Pacific cyclone insurance product, with an upgraded technology platform now supporting product distribution and administration of the JTWC data powered parametric insurance solution.
CelsiusPro AG, the Swiss headquartered weather index insurance and parametric risk transfer specialist, has been working with Tower for a while, helping to upgrade Tower’s IT platform for its Cyclone Response Cover.
It is an existing parametric insurance product that Tower offered, which provides Pacific policyholders with a rapid cash payout when their house, or other insured location, is affected by a high wind-speed cyclone event, regardless of damage.
Under the project, CelsiusPro’s White Label Platform (WLP) solution has been used to power a bespoke distribution platform for the Cyclone Response Cover, providing Towers customers with features such as an online premium calculator, monitoring and settlement, mobile capabilities, and offer and policy generation.
Now, the entire distribution process and end-to-end administration are being powered by CelsiusPro’s White Label Platform technology, the companies said today.
Data from the Joint Typhoon Warning Center (JTWC) underpin the parametric insurance product’s structuring, offering policyholders predictable coverage when an event reaches a pre-defined intensity that triggers a payout.
The pair now plan to extend the availability of the parametric cyclone insurance to customers in Samoa, with that anticipated around the end of this month.
In addition, Tower is also planning to launch a parametric rainfall insurance product for its customers in Fiji.
Mark Rueegg, CEO of CelsiusPro, commented, “We are pleased to partner with Tower and support their commitment to helping clients recover faster from climate events. Our proprietary technology enables Tower to provide an intuitive and seamless user experience, making it easier for clients to purchase parametric insurance.”
Ron Mudaliar, Tower’s Chief Underwriting Officer, added, “Tower’s purpose is to protect and enhance the future for the good of our customers and communities. Parametric insurance is one tool we are using to help increase insurance awareness and uptake in the Pacific. We are committed to helping the economic and personal resilience of Pacific communities using parametric insurance, and are thrilled to partner with CelsiusPro on this journey.”
