Generali partners with insurtech Descartes on parametric insurance

Generali Global Corporate & Commercial (GC&C), Italian insurer Generali’s P&C unit, has formed a strategic partnership with insurtech Descartes Underwriting to develop parametric insurance products.

The partnership aims to develop new parametric insurance solutions to actively respond to an evolving risk landscape.

Descartes specialises in weather risk modelling and data-driven risk transfers, and acts as a risk advisor, backed by BlackFin Capital Partners, an independent private equity firm.

Generali said parametric insurance is an emerging solution that pushes the boundaries of traditional insurance and demonstrates promising growth potential. By leveraging new technologies, such as image recognition and machine learning, combined with new generations of data sources coming from satellites, weather stations or IoT, new parametric insurance solutions can provide transparency as well as smoother and faster claims management.

Marco Sesana, country manager and CEO of Generali Italia and Global Business Lines said: "This partnership moves our strategic plan forward in being a Lifetime Partner to our clients. Parametric products represent one of the identified entrepreneurial initiatives to foster growth within Generali Group’s 2021 strategy. Combining our skills with Descartes we will develop insurance solutions with innovative and technologically advanced services. We want to offer a high quality, customised experience to our corporate customers in Global Corporate & Commercial”.

Manlio Lostuzzi, Global Corporate & Commercial CEO, added: “We are delighted to join forces with Descartes. This synergy definitely augments the range and quality of solutions we can offer, allowing us to better serve our corporate and commercial clients all over the globe. At GC&C the challenges of our clients are our business, and even in an uneasy period like this we want to continue offering concrete answers to protect and serve them at the best.”

Tanguy Touffut, Descartes Underwriting CEO, said: “We are proud to partner with Generali Global Corporate & Commercial, one of the global insurance leaders focused on medium to large companies. Together, we aim to offer unmatched value propositions for brokers and corporate clients through a unique combination of new technologies, cutting-edge technical expertise and local market understanding. This collaboration further boosts Descartes’ growth, secures underwriting capacity and enlarges our geographical reach.”