Swiss Re supports the standard California companies’ Genius earthquake cover

Global reinsurer Swiss Re offers the ability to underwrite a new earthquake insurance product for businesses in California, in partnership with Insurtech Cover Genius, Palomar insurer and tech giant Intuit at launch. Shake Shield, as a fast-paying insurance product that is called Frontier, is the first of a number to be launched through a partnership between Insurtech Cover Genius and Intuit.

Cover Genius’ insurance distribution platform will provide protection products for QuickBooks customers for accounting and business administration.

Shake Shield is a fast-paying standard insurance solution created by Cover Genius and Swiss Re and made available through Cover Genius’ XCover insurance distribution platform.

Quickly pay for any eligible earthquake, Shake Shield will be available to QuickBooks California customers initially.

This initiative demonstrates, once again, how Swiss Re is naming its balance sheet for reinsurance, along with partners, to secure access to new sources of risk.

The company does this with its iptiQ platform, but through these partnership deals, it expands the scope of its reinsurance balance sheet even further, leveraging the client base of partners with these distribution deals that bring its ability to subscribe directly to consumers.

The fact that Shake Shield is available through Cover Genius’ distribution platform means that it can be combined with other partners, leveraging their customer streams to distribute more widely and to other areas in the United States or globally, where earthquake insurance is less than sold, or less. Currently available.

Initiatives like these help Swiss Re communicate its reinsurance capacity directly to the consumer, through relationships with partners who have large client bases of their own.

Check Shield is insured by Palomar Excess Insurance and Excess Insurance, with reinsurance provided by Swiss Re.

QuickBooks is a widely used tech platform, particularly among small to medium businesses and California is likely to be a user hub.

Shake Shield will be integrated with the QuickBooks experience, by clicking on the API created by Cover Genius to enable automated claims assessments and payments.

The US Geological Survey data is used as a benchmark engine, which will be processed in real time and quickly paid into a designated customer bank account after a successful claim is submitted.

“Over the past few years, we have all experienced natural disasters such as the Coronavirus pandemic, earthquakes, wildfires and floods that highlight the need for companies to receive timely financial support from their insurers,” said Mitch Dost, Chief Operating Officer of the Americas. Cover Genius. “We are excited to have partnered with Intuit, a Fortune 500 company committed to a technology-first approach to insurance that results in better outcomes for small businesses. We are also excited to expand our collaboration on additional commercial insurance products.”

“Cover Genius’ high-tech and customer-first approach align well with our overall strategy to provide the right tools and services to help small businesses succeed and provide peace of mind to our customers,” added Mauricio Comé, Intuit’s Head of SME Insurance. “In the current climate, companies are looking for products that can help protect them when things go wrong, and Shake Shield is the first of many products we’ll explore with Cover Genius.”

As the world of insurance is increasingly embracing API and technology, the modular product can be more directly distributed and marketed more broadly through relationships with tech companies that have massive customer bases and significant customer acquisition capacity.

Parametric triggers are more suited to these white label distribution approaches, as they can be fully automated and integrated into the partner’s customer experience, bringing the insurance product to the customer in the right place and at the right time (which is totally key).

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