Tower Insurance has joined forces with global Insurtech CelsiusPro Group to upgrade the information technology platform for its Cyclone Response Cover.
The partnership will capitalise on CelsiusPro’s award-winning White Label Platform solution to develop a bespoke distribution platform for the Cyclone Response Cover.
The platform will provide Tower Insurance customers with features such as an online premium calculator, monitoring and settlement, mobile capabilities, and offer and policy generation.
Tower’s chief underwriting officer Ron Mudaliar said: “This partnership with the CelsiusPro Group demonstrates Tower’s commitment to providing innovative products to accelerate viable and sustainable adoption of parametric insurance in the region.”
CelsiusPro Group CEO Mark Rueegg said: “Parametric insurance is a scalable solution for closing the protection gap, an acute concern in the Pacific.”
“The partnership with Tower highlights the importance of the Pacific region for the CelsiusPro Group, as climate technology, data science, and risk modelling can help people build resilience,” Mr Rueegg added.
Alongside Tower Insurance’s online quote to buy capabilities, My Tower platform and adoption of digital kiosks for Pacific communities, the partnership with the CelsiusPro Group signifies the next milestone for insurance innovation in the Pacific, with the IT platform making it simpler for Tower Insurance customers to access and manage their parametric cover.
The company will migrate to the CelsiusPro platform in the coming months.
