Generali Global Corporate & Commercial has teamed up with underwriting InsurTech platform Descartes Underwriting to offer parametric insurance products.
The deal will see Generali combine its services and market reach with the Descartes underwriting capabilities, according to a report from Insurance Edge.
Descartes works with brokers and reinsurers to provide better data analytics and improve their insurance covers. The company makes use of new data sources from Internet of Things (IoT) devices, directly from clients, through smart technologies or from third-parties.
It then leverages AI technology and image recognition to process the information in order to improve policies and claims.
Generali Italia country manager and CEO Marco Sesana told Insurance Edge, “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.”
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