According to Generali, parametric insurance is an emerging solution that pushes the boundaries of traditional insurance and has promising growth potential
Generali partners with Descartes to offer parametric insurance products. (Credit: Massimo Goina/Assicurazioni Generali S.p.A.)
Generali Global Corporate & Commercial (GC&C), a unit of Italian insurer Generali, has joined forces with French insurtech company Descartes Underwriting to offer parametric insurance products with a goal to address the evolving risk landscape.
Descartes Underwriting, which is backed by BlackFin Capital Partners, is said to specialise in weather risk modelling and data-driven risk transfers.
For GC&C, the partnership with the insurtech company will improve its offerings and existing capabilities.
Global Corporate & Commercial CEO Manlio Lostuzzi said: “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.”
According to Generali, parametric insurance is an emerging solution that pushes the boundaries of traditional insurance and has promising growth potential.
How parametric insurance products can make a difference
The Italian insurance group said that by making use of new technologies like image recognition and machine learning in combination with new generations of data sources gathered from satellites, weather stations, or IoT, new parametric insurance solutions can offer transparency and also help making claims management smoother and faster.
The insurer further said that GC&C and Descartes Underwriting will proactively respond to the present scenario where claim assessments are contingent directly on Covid-19 pandemic travel bans, which make visits to sites highly challenging in times when the insured requires quick pay-outs the most.
Generali said that the case is fundamentally different with parametric insurance as digital and remote claim assessment are at the core of the solution. This enables detection and payouts of claims to continue as usual, uninterrupted, and totally operational.
Generali Italia and Global Business Lines country manager Italy and CEO Marco Sesana said: “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”.