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Swiss Re supports parametric earthquake product from Cover Genius and QuickBooks

 


Cover Genius Insurtech teamed up with Intuit to introduce a new earthquake reduction policy, backed by the capability of Swiss Re and underwritten by Palomar Excess and Surplus Insurance Company.

Cover Genius intends to offer customers a suite of insurance products with QuickBooks, an accounting software package developed and marketed by Intuit.

The first solution, called Shake Shield, is a standard insurance solution created by Cover Genius and Swiss Re and available via Cover Genius’ XCover insurance distribution platform.

Shake Shield, which was initially available to QuickBooks customers in California, aims to provide fast payments to help businesses recover after qualifying earthquake events.

QuickBooks has a large client base and community of companies in California, many of which will not have much earthquake insurance, so this partnership could provide significant access to Cover Genius.

It’s also another good example of how reinsurance capital – this time from Swiss Re – is tied 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 be the first of many, with future products likely to include other Intuit platforms, such as TurboTax, Mint and Turbo.

Over time, expanding this partnership could start to pose an increasing amount of risk to Swiss Re.

“Over the past few years, we have all witnessed 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. .

“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.”

Mauricio Comi, Head of SME Insurance at Intuit, also commented, “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.”

“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 that we’ll explore with Cover Genius,” added Comey.

Through its partnership with Cover Genius, QuickBooks will have access to an API-based border security platform that automates claims and payments assessments.

No physical customer checks will be required and the idea is that payments will be made quickly, based on real-time processing of US Geological Survey data.

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