CelsiusPro and Tower launch upgraded technology for parametric insurance distribution in the Pacific
Product distribution and administration for Tower's Cyclone Response Cover powered by CelsiusPro's White Label Platform technology
ZURICH, 12 September 2024 – CelsiusPro and Tower, a New Zealand and Pacific insurer, announced the successful launch of Tower’s new IT platform for parametric insurance distribution, beginning with Tower’s Cyclone Response Cover in the Pacific Island countries of Fiji and Tonga.
The parametric 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.
The entire distribution process and end-to-end administration are powered by CelsiusPro's award-winning White Label Platform technology. Data from the Joint Typhoon Warning Center (JTWC) underpin the product’s structuring, providing policyholders with dependable coverage when an event reaches a pre-defined intensity that triggers the payout.
Tower customers 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, represent a distinct value proposition, particularly for customers in rural communities.
Mark Rueegg, CEO of 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.”
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 to customers in Samoa in the coming weeks. Soon, Tower will launch a parametric rainfall product for Fiji customers.
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About CelsiusPro
CelsiusPro Group is dedicated to helping both private and public organisations understand and mitigate the financial impact of climate and NatCat risks. Our Insurtech platform integrates climate data and risk modelling to develop advanced solutions that enable insurance companies and brokers to distribute and manage tailored parametric insurance. Through our consulting services, we provide end-to-end insights on physical climate risk assessment, disaster risk finance, and structuring and risk modelling for insurance schemes. Our subsidiary Global Parametrics provides risk transfer capacity through various financial instruments and vehicles. With these integrated efforts, CelsiusPro Group advances parametric risk transfer from the fringes to centre stage in climate and NatCat protection.
About Tower
Tower has been supporting New Zealand and Pacific communities when they need it most for 155 years. In that time, we’ve grown to provide our customers with cover for their houses, cars, contents, businesses and more. While our heritage is important to us, we’ve also set our sights on the future. Tower’s focus on innovation and investment in large-scale digital transformation, has enabled the business to evolve rapidly, in-line with the latest in technology and customer expectations. The result is customer-focused, digital-first insurance solutions - combined with joining forces with like-minded partners, Tower has been able to create more, simpler products, to suit the modern lifestyles of its customers. For more information, please visit: www.tower.co.nz
