Ping An and Swiss Re Partner in the Name of Parametric Insurance
Swiss Re has partnered with Ping An to launch China’s first mobile-enabled typhoon property parametric insurance solution . The product is China’s first mobile-enabled typhoon property insurance solution that offers a complete end-to-end mobile solution from purchase, to inquiry, to claims settlement via a smartphone. Also, the coverage offers real-time tracking of typhoon paths and wind speed, and provides automated claims to users based on public data from the national meteorological center of China where the payout is made within three days. Bottom Line: Swiss Re brings in technology support and underwriting expertise, while Ping An brings distribution.
“Typhoons are the most often and costliest natural catastrophes which occur in China. They can cause severe life and property loss in economically developed and densely populated regions. We want to leverage on our experience in using cutting-edge technology to develop tailor-made solutions, together with our clients to protect the people who are potentially affected by these natural catastrophes. The successful launch of this product can serve as an important example for other regions affected by similar natural disasters” – Swiss Re China President John Chen.