Parametric insurtech CelsiusPro Group has partnered with Tower to upgrade the New Zealand-based insurer’s IT platform for its Cyclone Response Cover, a parametric insurance product designed to provide cover in the Pacific
CelsiusPro’s award-winning White Label Platform (WLP) solution will be used to develop a bespoke distribution platform for Cyclone Response Cover – which aims to provide rapid cash payout when the house, or other insured location, of a policyholder is impacted by a high wind-speed cyclone event, regardless of damage.
According to the announcement, the platform will provide Tower customers with features such as an online premium calculator, monitoring and settlement, mobile capabilities, and offer and policy generation.
Mark Rueegg, CelsiusPro Group’s CEO, commented: “Parametric insurance is a scalable solution to narrow the protection gap, an acute concern in the Pacific. The partnership with Tower highlights the importance of the Pacific region for the CelsiusPro Group, as climate technology, data science, and risk modeling can help people build resilience.”
Through the collaboration between the two companies, Tower will be better set up to help people in the Pacific access insurance against a prevailing severe weather peril, the insurer highlighted. Less than 10% of families in many countries in the region have insurance.
The end goal is to lessen the burden on local communities and their support networks, enabling them to recover from cyclone damage quickly through a process as simple as possible.
Ron Mudaliar, Tower’s Chief Underwriting Officer, said: “Communities in the Pacific are seeing how innovation can change the way they interact with their insurance. This partnership with the CelsiusPro Group demonstrates Tower’s commitment to providing innovative products to accelerate viable and sustainable adoption of parametric insurance in the region”.
Tower will migrate to the CelsiusPro platform in the coming months.
The insurer stated: “Alongside Tower’s online quote to buy capabilities, My Tower platform and adoption of digital kiosks for Pacific communities, the partnership with the CelsiusPro Group signifies the next milestone for insurance innovation in the Pacific, with the IT platform making it simpler for Tower customers to access and manage their parametric cover.”
