Swiss Re Corporate Solutions bags New Insurance Product of the Year - Hong Kong in Insurance Asia Awards
The company was lauded for developing an innovative parametric insurance solution.
Swiss Re Corporate Solutions has received the New Insurance Product of the Year - Hong Kong award in the 5th year of Insurance Asia Awards, presented by Insurance Asia magazine.
The awards program recognizes the most acclaimed insurance firms in Asia that have introduced exceptional initiatives and solutions that empowered them to successfully adapt with the rapidly changing customer demands and digital transformation.
Swiss Re Corporate Solutions has pioneered a series of parametric insurance covers, based on proprietary Nat Cat models and was able to apply these solutions to specific customer needs. As a result, the company’s parametric insurance product helps clients achieve an efficient insurance procurement process, broader coverage, and fast transparent claims process.
Recognizing there is a fundamental shift in corporate landscape and changing business models , Swiss Re Corporate Solutions have developed an index based solution to enable this particular client to purchase earthquake protection for variable asset portfolios in an efficient and flexible way.
This particular parametric insurance solution is based on Shindo scale earthquake shaking intensities reported by Japanese Meteorological Agency (JMA) weather stations. The structure provides guaranteed access to capacity, consistent coverage prices as well as quick transparent claims payouts in the event earthquake shaking intensities exceed a pre-defined threshold。
The parametric nature of the solution allows for all the flexibility required to quickly adjust for changes in asset composition and exposure, thereby avoiding prolonged re-underwriting processes and ensuring seamless cover across the whole portfolio over the term.
Swiss Re Corporate Solutions adds that using earthquake shaking intensities as trigger mechanism reduces the basis risk substantially, and that continued advances in data recording and data analytics in general will further enhance the popularity of parametric insurance solutions as an effective complement to traditional insurance programs.
Mr. Jingwei Jia, CEO Greater China, Swiss Re Corporate Solutions commented: "We are honored to win this award which is a recognition of our expertise and innovative capability to support our client's need to solve their specific need. This is always in line with our goal to provide clients with both traditional and innovative insurance products to address their pain points and advance corporate insurance together."