Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has partnered with insurtech firm Descartes Underwriting to offer parametric insurance products.
Descartes specialises in weather risk modelling and data-driven risk transfers and acts as a risk advisor, backed by independent private equity firm BlackFin Capital Partners.
The partnership aims to combine GC&C’s technical capabilities in the corporate sector and local markets knowledge with Descartes’ technological solutions.
Together, the companies hope to leverage new technologies such as image recognition and machine learning, as well as data sources from satellites, weather stations and IoT, to enable faster claims settlements with parametric solutions.
Target segments include agriculture and food industry, energy and renewables, telecommunication and utilities.
A parametric approach also allows GC&C and Descartes to better respond to the COVID-19 situation, which has made site-visits challenging at a time when insureds need fast pay-outs.
With parametric insurance, digital and remote claim assessment are at the core of the solution, meaning claims detection and payouts can continue uninterrupted.
“This partnership moves our strategic plan forward in being a Lifetime Partner to our clients,” said Marco Sesana, Country Manager & CEO of Generali Italia and Global Business Lines.
“Parametric products represent one of the identified entrepreneurial initiatives to foster growth within Generali Group’s 2021 strategy. Combining our skills with Descartes we will develop insurance solutions with innovative and technologically advanced services. We want to offer a high quality, customised experience to our corporate customers in Global Corporate & Commercial”.
Manlio Lostuzzi, Global Corporate & Commercial CEO, also commented: “We are delighted to join forces with Descartes. This synergy definitely augments the range and quality of solutions we can offer, allowing us to better serve our corporate and commercial clients all over the globe.”
“At GC&C the challenges of our clients are our business, and even in an uneasy period like this we want to continue offering concrete answers to protect and serve them at the best,” Lostuzzi added.
Tanguy Touffut, Descartes Underwriting CEO, further stated: “We are proud to partner with Generali Global Corporate & Commercial, one of the global insurance leaders focused on medium to large companies.”
“Together, we aim to offer unmatched value propositions for brokers and corporate clients through a unique combination of new technologies, cutting-edge technical expertise and local market understanding. This collaboration further boosts Descartes’ growth, secures underwriting capacity and enlarges our geographical reach.”
