Australia’s first retail parametric cyclone insurance solution powered by Vitesse
Redicova recently announced the launch of the first retail parametric cyclone insurance product in Northern Australia, with payments to customers powered by Vitesse.
Redicova is a parametric insurance product that provides communities with the capability to cover themselves for economic loss caused by tropical cyclones (category 3+). Then, when the worst happens, there is no need for adjusting as the geo-location of the property and the area impacted by the cyclone will determine the pay-out.
All of this is verified by satellite imaging autonomously so that claims payments can be triggered without the need for physical assessment, in less than 72 hours.
Parametric insurance solutions are an important tool for insurance providers to deliver a seamless adjusting and claims experience for customers. Vitesse have completed a full API integration that enables Redicova to instruct claims payments as soon as they are raised by the insured and guarantee funds will be received within 72 hours, thanks to their extensive local payment and domestic banking network.
Phillip McGriskin, CEO of Vitesse, is thrilled to be able to offer this level of personalisation for customers who are deemed at a higher risk of something going wrong. “Even today, the time between a disastrous cyclone event and traditional claim settlement methods can be too long, and this severely affects both communities and individuals at a time when they are most vulnerable and in need. The insurance industry is making such great strides in automating, improving and speeding up how they identify, engage, assess and approve claims; it seems counter intuitive to not also transform the payments side as well to complete the customer experience.
Vitesse are proud to be that much-needed payments enabler for Redicova’s Fast Disaster Recovery Cash facility, guaranteeing funds are delivered immediately to the insured after a severe event.”
Redicova’s Managing Director, Karen Hardy, understands just how important it is to provide quick and efficient funds when a disaster strikes. “Working with Vitesse has enabled Redicova to provide claim settlements to communities after a severe tropical cyclone within three business days and deliver on our promise of ‘fast disaster recovery cash’.
Our own bank struggled to comprehend the intricacies and scale of the payment system we required to complete our task. Our introduction to Vitesse was a blessing given their international capabilities, technical support and amazing people. Vitesse simply said “yes, we can do that” and they have delivered in spades.
It’s a win/win for all. Our insurer is confident; Redicova claims will be paid and finalised before traditional insurers arrive; and clients will be spared from the immediate financial burden of natural catastrophe, allowing them to focus on their own recovery.
I commend Vitesse. They have provided Redicova with a seamless, robust and transparent solution. Job done and one less worry for all in the wake of a disaster.”
About Redicova:
Redicova is a parametric wind insurance that compliments traditional insurance such as home, business, strata, or farm. Designed in North Queensland, specifically for those living in cyclone prone Northern Australia, Redicova is APRA approved and backed by Lloyds of London.
Providing people with Fast Disaster Recovery Cash for when they need it most, Redicova is the fastest financial support for the immediate aftermath of a disaster.
Find out more at www.redicova.com.au
