ZURICH, November 22, 2023 – CelsiusPro Group and Tower have embarked on a strategic partnership to enhance cyclone insurance solutions in the Pacific by upgrading Tower's IT infrastructure for their Cyclone Response Cover. This parametric insurance product is designed for rapid financial assistance following high wind-speed cyclonic events, ensuring policyholders receive support without the need for damage assessments.
Enhancing Cyclone Response Cover with Advanced Technology
The collaboration will utilise CelsiusPro’s acclaimed White Label Platform (WLP) to create a custom distribution platform for the Cyclone Response Cover. This platform will feature an array of digital tools, including an online premium calculator and real-time monitoring, to streamline the insurance process for Tower customers.
A Commitment to Closing the Protection Gap
Mark Rueegg, CEO of CelsiusPro Group, highlighted the partnership's role in addressing the acute protection gap in the Pacific, emphasizing the use of climate technology and data science to bolster community resilience. Ron Mudaliar, Tower’s Chief Underwriting Officer, echoed the sentiment, pointing out the innovative approach to insurance this partnership represents for Pacific communities.
Expanding Access to Insurance
With insurance coverage in the Pacific region historically low, this initiative aims to make insurance more accessible and recovery from cyclone damage quicker and simpler for affected communities.
Milestone for Insurance Innovation
This partnership represents a significant advancement in insurance technology in the Pacific, making parametric insurance more accessible and manageable for Tower customers through digital innovations.
International Recognition and Future Plans
The Cyclone Response Cover has gained international attention and is set to expand further in the Pacific, with plans to introduce the cover in Tonga and explore expansion into other territories where Tower operates.
The transition to the CelsiusPro platform is slated for the coming months, promising a new era of enhanced cyclone resilience in the Pacific through innovative insurance solutions.