Swiss Re backs insurtech Cover Genius' parametric solution for SMBs

Insurtech Cover Genius has partnered with Intuit to offer a "first of its kind" parametric insurance solution, underwritten by  Palomar's new excess and surplus lines vehicle and reinsured by Swiss Re.

Developed by Cover Genius and Swiss Re, the new product is designed specifically for small businesses, and will be available to SMBs via Intuit's QuickBooks online platform.

The first solution will be called 'Shake Shield', aimed at providing quick financial support to businesses in the event of an earthquake. The product will be available to QuickBooks customers in California via Cover Genius’ XCover insurance distribution platform.

Mitch Doust, chief operating officer for the Americas for Cover Genius, said: “Over the past few years we have all experienced natural catastrophes like the Coronavirus pandemic, earthquakes, wildfires and floods which highlight the need for businesses to receive timely financial support from their insurance companies.

“We are thrilled to team up with Intuit, a Fortune 500 company that is committed to a technology-first approach to insurance that drives better outcomes for small businesses. We are also excited to expand the collaboration into additional commercial insurance products down the line.”

Mauricio Comi, head of SMB Insurance for Intuit, added: “Cover Genius’ superior technology and customer-first approach align well with our overall strategy to deliver the right tools and services to help small businesses succeed and offer peace of mind to our customers. In the current climate, businesses are looking for products that can help protect them when things go wrong and Shake Shield is the first of many that we will explore with Cover Genius.”