The innovative product offers rapid cash payouts to policyholders when high-wind tropical cyclones impact their insured properties.
The system, powered by CelsiusPro‘s White Label Platform, uses data from the Joint Typhoon Warning Center to trigger payouts based on predefined cyclone intensities. Key features include self-registration, an online premium calculator, real-time monitoring, and mobile payment optioxns, making it accessible to customers, particularly in rural areas.
Mark Rueegg, CEO of CelsiusPro, highlighted the partnership’s benefits: “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.”
The collaboration marks a significant step in offering fast, efficient insurance solutions in areas frequently affected by extreme weather events, enhancing protection and resilience for Pacific communities.
Tower and CelsiusPro plan to extend the platform to Samoa by the end of September 2024 and will soon introduce a parametric rainfall product for customers in Fiji. Ron Mudaliar, Chief Underwriting Officer at Tower Insurance, emphasised the company’s dedication to the Pacific region: “Parametric insurance is one tool we are using to help increase insurance awareness and uptake in the Pacific.”
He added “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.”
