New Zealand-based insurer TOWER has teamed up with insurtech company CelsiusPro Group to upgrade its IT platform for its existing parametric insurance product.

Tower’s insurance product, called Cyclone Response Cover, allows policyholders to opt for a rapid cash payout when their insured house or location is impacted by a hurricane or cyclone event, regardless of the damage.

As part of the new partnership, CelsiusPro will leverage its White Label Platform solution to develop a new distribution platform for Cyclone Response Cover.

The platform will allow Cyclone Response Cover policyholders to use a range of new features including an online premium calculator, monitoring and settlement, mobile capabilities, and other offer and policy generation support.

The effort will make the existing IT platform even simpler for Tower customers, allowing them to easily access and manage their parametric cover.

Tower said that it will migrate to the upgraded CelsiusPro platform in the upcoming months.

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By GlobalData

The latest upgrade will be provided to Tower’s customers in the Pacific.

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.”

Cyclone Response Cover was first piloted by Tower in Fiji to help communities during the 2022/2023 cyclone season. 

Following its successful pilot, the product is now available to all Fijians.

According to Tower, less than 10% of families in the Pacific countries have bought insurance.

Through the latest collaboration, the companies intend to help regional communities access insurance against any severe weather catastrophes and recover from the damage quickly through a simple payout process.

Tower chief underwriting officer Ron Mudaliar said: “Communities in the Pacific are seeing how innovation can change the way they interact with their insurance.

“This partnership with CelsiusPro Group demonstrates Tower’s commitment to providing innovative products to accelerate viable and sustainable adoption of parametric insurance in the region.”