Parametric insurtech CelsiusPro and Tower, a New Zealand and Pacific insurer, have successfully launched the previously announced IT platform for parametric insurance distribution for Tower, beginning with its Cyclone Response Cover in the Pacific Island countries of Fiji and Tonga.
The product provides policyholders with rapid cash payouts when their home, business, or other insured locations are affected by a high-wind tropical cyclone, regardless of the damage incurred.
CelsiusPro’s White Label Platform technology has powered the entire distribution process and end-to-end administration.
Data from the Joint Typhoon Warning Center (JTWC) underpin the product’s structure, providing dependable coverage when an event reaches a pre-defined intensity that triggers the payout.
Mark Rueegg, Chief Executive Officer, CelsiusPro, stated: “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.”
Tower clients through this collaboration will benefit from features such as self-registration with multi-factor authentication, an online premium calculator, automated policy generation, real-time monitoring, and swift settlement processes.
Mobile payment capabilities, secured through partnerships with local telecommunications and banking companies will particularly help customers in rural communities.
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.”
Tower’s parametric Cyclone Response Cover offers financial protection to micro and small enterprises, independent farmers, mariners, rural communities, and retail customers.
Tower and CelsiusPro plan to extend their White Label Platform partnership by the end of September 2024 for Samoan clients in the coming weeks.
Tower will launch a parametric rainfall product for Fiji customers.
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