Generali, Descartes announce partnership for parametric insurance; Federal Lawmakers Propose Heroes Compensation Act For Essential Worker Comp
Insurance News for 5/15/2020
Generali, Descartes announce partnership for parametric insurance
Generali Global Corporate & Commercial and Descartes Underwriting have announced a strategic partnership to offer parametric insurance products.
Generali’s P&C unit Global Corporate & Commercial (GC&C) will enhance its offer and existing capabilities by partnering with Descartes – an insurtech company specializing in weather risk modeling and data-driven risk transfers – acting as a risk advisor and backed by private equity firm BlackFin Capital Partners
“With an exponentially increasing number of data sources and ever-increasing data quality, insurers have to seize the opportunity to define concrete measures to close the growing protection gap, e.g. by pursuing new ways to insure their customers’ exposures,” Generali said. “Parametric insurance is an emerging solution that pushes the boundaries of traditional insurance and demonstrates promising growth potential.”
Generali said that GC&C and Descartes are responding to the current scenario “where claim assessments are directly contingent on COVID-19 travel bans,” which can make site visits challenging.
“With parametric insurance the case is fundamentally different because digital and remote claim assessment are at the core of this solution, enabling claims detection and payouts to continue as usual, uninterrupted and fully operational,” Generali said.
“This partnership moves our strategic plan forward in being a lifetime partner to our clients,” said Marco Sesana, country manager and CEO of Generali Italia and global business lines.
“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, customized experience to our corporate customers in Global Corporate & Commercial.”
Source: Insurance Business America– 5/15/20 Author: Ryan Smith
Federal Lawmakers Propose Heroes Compensation Act For Essential Worker Comp
A bipartisan group of federal lawmakers on Thursday unveiled a plan to compensate essential workers who fall sick of die from COVID-19, modeling the Pandemic Heroes Compensation Act after the September 11th Victim Compensation Fund.
Reps. Carolyn B. Maloney, D-NY,
Jerrold Nadler, D-NY, Peter King ,R-NY, and Sen. Tammy Duckworth, D-IL, who
previously joined forces on the 9/11 compensation fund, introduced the measure
during a digital news conference, joined by representatives of the Uniformed
Fire Officers Association, Uniformed Firefighters Association, National Rural
Letter Carriers Association, and the International Association of Sheet Metal,
Air, Rail and Transportation Workers.
According to a press release from Rep. Maloney, the Pandemic Heroes Compensation Act would set up a fund for essential workers and their families across all industries, providing financial assistance to help with medical costs, loss of employment, loss of business, replacement services and burial costs.
The announcement comes after individual state actions in at least 13 states that require workers compensation insurers to pay first responders, health care workers and other essential workers submitting COVID-19 workers comp claims to receive benefits without having to prove they were exposed to the virus during the course of their employment. The scope of the occupations covered under such presumptions vary by state.
The proposed federal funding act would:
Create a new website and office developed and administered by a Special Master to assist in the application process.
Maximize compensation for essential workers and their families by simplifying the application process to get those affected back on their feet.
Authorize appropriated funds as needed for five years with the fund permanently closing one fiscal year after the Special Master determines that no additional claims can be filed.
According to the media statement, the compensation application would allow claimants to provide information regarding the extent of their loss for consideration, and eligible individuals would receive compensation no later than 20 days after approval.
Family members who share homes with essential workers and became sick through contact with the essential worker would be eligible to file a claim.
In a media statement, Rep. Maloney, who lead the battle to permanently fund the 9/11 Victims Fund last year, said: “On September 11th, it was the firefighters and officers who ran into the burning buildings to save lives. Today, it is hospital workers—nurses, doctors, EMS, janitorial staff, pharmacists, technicians and all essential workers. We owe them more than applause at 7 p.m.”
“In this fight against the coronavirus, it is the first responders, retail workers, transit workers, grocery store clerks, delivery workers, janitorial staff, sanitation workers, mail carriers, hospitality workers, and federal, state and local employees who are on the frontlines, walking in to the fire every day as they risk their health to make sure we are safe, fed, and healthy.” is available to agencies and insurers as part of Market Insights.
Source: Claims Journal -- 5/15/20 Author: Susanne Sclafane
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