September 6, 2023
May 16, 2023
April 20, 2023
March 23, 2023
March 6, 2023
February 2, 2023
Aviva Canada now offers parametric excess rain coverage to help clients better cope with climate change, with the support of parametric InsurTech company CelsiusPro.
Aviva Canada is one of the leading property and casualty insurance groups in the country, providing insurance to 2.4 million customers. Aviva Canada is a subsidiary of UK-based Aviva plc with more than 4,000 employees.
Thanks to CelsiusPro’s White Label Platform (WLP) solution, insurance companies aiming to add parametric products to their portfolio are spared the time and effort of having to do so from scratch. As market demand for parametric insurance increases, CelsiusPro’s WLP has demonstrated yet again that it is uniquely capable of meeting that demand efficiently and flexibly.
Well-integrated into its value chain – from underwriting, to legal, to claims – the WLP addresses the company’s overall needs with features including mobile functionalities, data feeds, an online premium calculator, an offer & policy generator, quote and bind monitoring tools, as well as an automatized settlement calculator and report creator. In addition to branding, Aviva Canada’s preferred configuration also includes a bilingual set-up in French and in English.
“It was important for Aviva to have a tool that was clear, simple, and efficient to use for our broker partners so that they could deliver effectively and concisely a product that was easily digestible and comprehensible to our collective clients,” says Urs Uhlmann Managing Director of Global Corporate & Specialties Aviva Canada.
Parametric rainfall insurance provides loss payments to insureds after excess rain to help impacted businesses recover more rapidly after adverse weather events. Rainfall data is provided by NASA with a reporting latency of only two days allowing for fast payouts. The rainfall product includes two options: “Rain Season”, which covers against an excess in cumulative rainfall during the risk period, and “Rain Day”, which covers against excess rain days during the risk period.
The advantage of a parametric insurance over traditional insurance is that pay-outs are automatic and quick, within a few days of a confirmed adverse event occurring. No claims need to be filed, as pay-out is triggered based on insured location and official weather datasets issued by recognized global organizations.
WLP solutions are set up to allow additional parametric products, which provide coverage against other perils (i.e., cold, heat, drought), to be easily installed later on. In the instance of Aviva Canada, the parametric precipitation insurance products will be proposed to clients in construction, landscaping, and municipalities. It will initially launch as a fully operational one-year pilot project limited to a small number of brokers, with scale-up planned thereafter.
“We are pleased to have successfully completed the configuration and launch of the WLP for excess rainfall insurance for Aviva Canada,” says CelsiusPro CEO Mark Rueegg. “We believe these insurance products will prove invaluable for businesses with excess rainfall risk across Canada.”