Allianz Insurance Product Protects Firms Against Clean Energy Price Swings

The company is using a risk-management tool called a volume-firming agreement for almost 500 megawatts of wind projects, according to a blog post Tuesday. The contracts with the insurance giant Allianz SE reallocate weather-related risk away from corporate buyers of power

Microsoft Corp. has helped develop a way to protect corporate buyers of clean power from electricity prices that go up and down with the weather.

The company is using a risk-management tool called a volume-firming agreement for almost 500 megawatts of wind projects, according to a blog post Tuesday. The contracts with the insurance giant Allianz SE reallocate weather-related risk away from corporate buyers of power.

Facebook Inc., AT&T Inc. and other major corporations have become major buyers of wind and solar as they seek to meet sustainability goals while helping power operations. Companies signed deals for 5.6 gigawatts of capacity worldwide in 2017, and have already surpassed that total for this year. However, not all of them are savvy in managing volatile power prices. Power-purchase agreements typically lock in specific prices for decades, even though hourly electricity prices can vary.

“It’s given a lot of companies buyer’s remorse, and it’s made others hesitant to even buy renewable energy,” said Kyle Harrison, a New York-based analyst at Bloomberg NEF. “If it’s going to affect their bottom line, it’s not a risk smaller companies will take.”

A volume-firming agreement is designed to supplement these long-term power-purchase deals by passing the weather-related risk to another party, such as an insurance company. Microsoft worked with multiple companies to develop the contract, including Allianz, REsurety, a Boston-based risk-management company whose founder helped develop the concept, and Nephila Climate, which specializes in weather-risk transfer products. They say the idea could benefit other corporate buyers of clean-energy.

 

“This is an after-market product that smooths out your ride,” Kenneth Davies, Microsoft’s director of innovation for energy strategy and research, said in an interview. “We are no longer susceptible to when the wind blows and how much.”

Source:  Asia Insurance Post

Date: 23rd October 2018

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Skyline Partners get funding, to launch weather insurance products in India soon

“Set to launch a pilot in Q2 2019, Skyline Partners’ inaugural weather insurance product will provide affordable protection to the agricultural industry in India. We have spent the last year developing the technology-enabled insurance solution to give the underinsured an economical and reliable way to secure their sustainability,’’said  Sabatié.

UK based insurtech Skyline Partners, whose technology powered weather insurance offering targets the global protection gap and plans to lunch its products in India in 2019, have recently secured funding to grow the business. 

Accompanying the Lord Mayor of London Charles Bowman on his last week’s Indian trade mission, Skyline Partners announced their recently secured investment from OneAdvent, an MGA innovation hub.

Skyline Partners is a new technology powered weather Protection provider founded in 2017 and the insurtech’s  inaugural weather insurance product, set to be launched  in India in 2019,  will provide affordable protection to the agricultural industry in the country.

The insurtech’s founders, Gethin Jones and Laurent Sabatié, have spent the last year developing the technology-enabled insurance solution to give the underinsured an economical and reliable way to secure their sustainability. 

“Our target customers are organisations affected by weather including agriculture, renewable energy, construction and transport,’’ said . Sabatié to Asia Insurance Post 

Partnered with IBM and a panel of international reinsurers, Skyline use technology and independent data to restore trust, eliminate moral hazard and reduce cost of risk.

“Set to launch a pilot in Q2 2019, Skyline Partners’ inaugural weather insurance product will provide affordable protection to the agricultural industry in India. We have spent the last year developing the technology-enabled insurance solution to give the underinsured an economical and reliable way to secure their sustainability,’’said  Sabatié.

Jones and Sabatié said: “We founded Skyline Partners to restore trust in financial protection and make it more accessible through technology and innovation. Our vision is to provide commercially viable and affordable insurance to the world’s underserved markets. We are delighted to work with OneAdvent and could not have found a better partner to deliver this”. 

OneAdvent boasts over 20 years’ experience launching businesses in the insurance industry and will support the company in the development and distribution of their innovative product. 

David Hill, CEO, OneAdvent, said “Skyline Partners’ unique technological offering is unprecedented in this space and will undoubtedly be a game changer in an industry that is at a crossroads. We are excited that both our investment and platform will provide them with the tools they need to break into the market.

Lord Mayor of London Bowman said: “I am delighted to hear that Skyline Partners has secured this investment. During the course of our visit to India there was lots of interest in their offer, and I look forward to hearing about the company’s future successes as a result of our trip.”

Source: Asia Insurance Post

Date: 16th October 2018

Symbo India Insurance Broking launches Marathon Insurance

The comprehensive Marathon Insurance product covers accident and medical emergency during the event. The policy also offers runners cover in case of event cancellation by an organizer or if the participant cannot run due to health issues, accident or bereavement, along with a flight cancellation or loss of checked in baggage during transit. The expected claims settlement period is ten days

Symbo India Insurance Broking , a digital insurance brokerage firm, in partnership with Reliance General Insurance and event ticketing company Goeventz has launched Marathon Insurance – a unique cover for marathon runners.

The comprehensive Marathon Insurance product covers accident and medical emergency during the event. The policy also offers runners cover in case of event cancellation by an organizer or if the participant cannot run due to health issues, accident or bereavement, along with a flight cancellation or loss of checked in baggage during transit. The expected claims settlement period is ten days.

To provide customers with a seamless digital experience, Symbo has achieved end-to-end integration with Goeventz to allow marathoners to purchase the insurance at the time of registration. Symbo’s technology platform will also handle all customer service and claims activity for policyholders.

“We’re excited to offer Marathon Insurance in partnership with Reliance General Insurance and Goeventz”, said Anik Jain, Co-Founder & Chief Executive Officer, Symbo India Insurance Broking. “More Indians are taking up running and the number of marathon participants are growing exponentially, with several hundred thousand runners now participating in races every year. This innovative product marks our broader commitment to keep pace with the evolving needs of India’s consumers and deliver insurance that is contextual & relevant.”

Gaurav Jain, Founder, Goeventz, said, “This is a positive development for marathon runners to be able to secure their run through a tailor-made product. We are pleased to bring innovative solutions for our customers in partnership with Symbo.”

In addition to Marathon insurance, Symbo had previously launched Vision Insurance as part of its lifestyle-based portfolio. The Vision products, available through a network of opticians, offer protection for cataract surgeries, eye care and spectacle damage.

Symbo India Insurance Broking (Symbo) is a technology-driven insurance business serving the industry across products, distribution and operations. It has been moving rapidly with more than 700,000 lives covered across various general, life, personal and commercial insurance product lines.  In a short period of time, the company has built a solid foundation in India through its corporate and retail technology platform. The company, is backed by former Sequoia Partner Yinglan Tan’s Insignia Ventures and Dymon Asia Ventures.

Source: Asia Insurance Post

Date: 16th October 2018

5 WAYS TO Be a Fast Learner at Your New Job

Starting at a new workplace can be challenging and exciting. Anjali Venugopalan finds out how you can start delivering results quickly so that you’re off to a great start.

1 Choose the Right Job

Slow down first to be able to speed up later, says Gaurav Dewan, chief operating officer of Travel Food Services, a franchisee company. “You career is not like a one-day cricket match, it’s like a Test series,” he says, adding careers are not made by hopping jobs. Being hasty while picking a job could lead you to get stuck in a job where you can’t learn quickly.

2 Understand Your Role

These days, a job description may not necessarily be useful, says Renu Bohra, director (HR) at DB Schenker, a transportation and logistics company. She says it’s better to get clarity from your manager on what expectations he or she has from you. Agree on priorities, and timelines to deliver results. Then, keep them posted on your progress. Seeking continuous feedback will help you stay agile.

3 Don’t Overcommit

At the beginning of a new job, it’s not a good idea to juggle too many things, say both Bohra and Dewan. “If you overcommit and under-deliver, it creates a downward spiral,” explains Dewan. You may be coming in with the baggage of your previous organisation, and things may not work out as planned as the environment is different. For the same reason, it’s also a good idea to wait for a while before you bring in new ideas to the table, says Bohra.

4 Build Networks

It’s not just managers, but peers too that you have to build relationships with, says Bohra. We’re not talking about socialising about chai here, but helping your colleagues out professionally. At the end of the day, they are the ones who can put in a good word about you to the bosses, even if informally.

5 Learn About the Organisation

Many organisations assign peer-mentors, or “buddies” to help new employees adjust in the first few months. Bohra says that you should take your induction process seriously. If you still have questions, you can seek help from your peer-mentor. This will make sure that not too much time is wasted in learning what kind of administrative processes take place in the organisation, like say, how to get reimbursements. Dewan says that it’s also the company’s responsibility to help an employee learn.

Source: Economic Times

Date: 3rd October 2018