Insurtech firm Cover Genius has teamed up with Intuit to offer a new parametric earthquake policy, which is backed by capacity from Swiss Re and underwritten by Palomar Excess and Surplus Insurance Company.
Cover Genius intends to offer a range of insurance products to customers using QuickBooks, an accounting software package developed and marketed by Intuit.
The first solution, called Shake Shield, is a parametric insurance solution built by Cover Genius and Swiss Re and available via Cover Genius’ XCover insurance distribution platform.
Initially available to QuickBooks customers in California, Shake Shield aims to provide quick payments to help businesses recover after qualifying earthquake events.
QuickBooks has a large customer base and a large community of businesses in California, many of which won’t have much earthquake insurance, so this partnership could provide significant reach for Cover Genius.
It’s also another good example of how reinsurance capital – this time from Swiss Re – is being connected more closely with consumers using technology and partnerships to drive customer acquisition.
Additionally, it’s worth noting that Cover Genius and Intuit have indicated that this product may by the first of many, with future products potentially involving Intuit’s other platforms, such as TurboTax, Mint and Turbo.
In time, an expansion of this partnership could therefore begin to drive increasing amounts of risk for Swiss Re.
“Over the past few years we have all experienced natural catastrophes like the Coronavirus pandemic, earthquakes, wildfires and floods which highlight the need for businesses to receive timely financial support from their insurance companies,” said Mitch Doust, Chief Operating Officer for the Americas for Cover Genius.
“We are thrilled to team up with Intuit, a Fortune 500 company that is committed to a technology-first approach to insurance that drives better outcomes for small businesses. We are also excited to expand the collaboration into additional commercial insurance products down the line.”
Mauricio Comi, Head of SMB Insurance for Intuit, also commented: “Cover Genius’ superior technology and customer-first approach align well with our overall strategy to deliver the right tools and services to help small businesses succeed and offer peace of mind to our customers.”
“In the current climate, businesses are looking for products that can help protect them when things go wrong and Shake Shield is the first of many that we will explore with Cover Genius,” Comi added.
Through its partnership with Cover Genius, QuickBooks will have access to an API-based parametric insurance platform that fully automates claim assessments and payments.
No physical inspections will be required for customers and the idea is that payments will be made quickly, based on real-time processing of US Geological Survey data.
Source: Reinsurance News
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