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Descartes Underwriting and Generali renew parametric partnership
The renewed framework, which began in 2019, is designed to use real-time data, satellite imagery and AI models to speed claims payouts via pre-agreed event triggers.
Descartes Underwriting, a provider of parametric re and insurance solutions for climate and emerging risks, and Generali Global Corporate and Commercial, the business unit of Generali Group serving medium-large companies, have renewed their long-term strategic partnership, Reinsurance News reports. The collaboration, which started in 2019, sets a long-term framework to strengthen their position in the global parametric insurance market.
The partnership combines Generali GC&C corporate insurance expertise, portfolio management and global market access with Descartes’ risk modelling, climate analytics, technology and data science capabilities. Using real-time data, satellite imagery and advanced AI models, the firms provide bespoke parametric solutions that complement traditional insurance programmes and existing risk transfer arrangements.
Their parametric structure uses transparent, pre-agreed triggers that enable faster access to funds after an event, aiming for greater clarity and speed of claims payment. The renewal comes as demand for parametric insurance grows and supports plans to broaden market adoption and deliver differentiated value to corporate and public-sector clients, according to Reinsurance News.
The companies also reiterated their innovation focus through the renewal, with Descartes co-founder and CEO Tanguy Touffut describing the relationship as enduring and highlighting the role of technological innovation alongside Generali’s financial strength. Generali Global Corporate and Commercial CEO Christian Kanu said the partnership supports the business’ long-term strategy, Artemis reported.