Property and casualty insurer Aviva Canada, with support of insuretech CelsiusPro, is now offering parametric excess rain coverage to help its clients better cope with climate change.
The new offering will use CelsiusPro’s White Label Platform (WLP) solution, which according to the insurtech, has demonstrated that it is uniquely capable of meeting increasing demand efficiently and flexibly.
Well-integrated into its value chain – from underwriting, to legal, to claims – the WLP addresses the company’s overall needs with features including mobile functionalities, data feeds, an online premium calculator, an offer & policy generator, quote and bind monitoring tools, as well as an automatized settlement calculator and report creator.
In addition to branding, CelsiusPro added, Aviva Canada’s preferred configuration also includes a bilingual set-up in French and in English.
Urs Uhlmann Managing Director of Global Corporate & Specialties Aviva Canada, said: It was important for Aviva to have a tool that was clear, simple, and efficient to use for our broker partners so that they could deliver effectively and concisely a product that was easily digestible and comprehensible to our collective clients.”
The new offering, parametric rainfall insurance, will provide loss payments to insureds after excess rain to help impacted businesses recover more rapidly after adverse weather events. Rainfall data is provided by NASA with a reporting latency of two days allowing for fast payouts.
The rainfall product includes two options: “Rain Season”, which covers against an excess in cumulative rainfall during the risk period, and “Rain Day”, which covers against excess rain days during the risk period.
Compared to traditional insurance, parametric insurance provides pay-outs automatically and quickly within a few days of a confirmed adverse event occurring, which is an advantage.
No claims need to be filed, as pay-out is triggered based on insured location and official weather datasets issued by recognized global organisations.
CelsiusPro CEO Mark Rueegg, commented: “We are pleased to have successfully completed the configuration and launch of the WLP for excess rainfall insurance for Aviva Canada.
“We believe these insurance products will prove invaluable for businesses with excess rainfall risk across Canada.”
Additionally, WLP solutions are set up to allow additional parametric products, which provide coverage against other perils, like cold, heat or drought, to be easily installed later on.
In the case of Avviva Canada, arametric precipitation insurance products will be proposed to clients in construction, landscaping, and municipalities.
According to the firm, it will initially launch as a one-year pilot project limited to a small number of brokers, with scale-up planned thereafter.
