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InsTech - insurance & innovation with Matthew Grant

Evan Glassman: Co-founder, New Paradigm Underwriters: Parametric insurance - delivering US hurricane & quake cover since 2013 (138)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 16 May 2021

⏱️ 34 minutes

🧾️ Download transcript

Summary

Insurance policies may leave businesses exposed to uninsured economic loss in the event of a hurricane or earthquake, because of excess, deductibles and exclusions. New Paradigm Underwriters offers parametric insurance products which use the wind speed of hurricanes and shake intensity of earthquakes to determine payouts to their clients in North America. Co-founder Evan Glassman joins Matthew on Podcast 138 to discuss New Paradigm’s technology and how to build parametric products. Talking points include: Measuring hurricane-force wind speeds Basis risk in traditional and parametric insurance The parametric insurance community The benefits of parametric products to protection sellers Educating brokers and buyers about parametric If you like what you're hearing, please leave us a review on whichever platform you use, or contact Matthew Grant on LinkedIn. Sign up to the InsTech London newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. To claim 0.5 hours for this podcast, go to the Episode 138 page of the InsTech London website, or email [email protected].

Transcript

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0:00.0

Welcome, Matthew Grant here. And if this is the first time you've joined us, well, we are delighted to have you listening in.

0:18.0

And if you have returned having to listen to previous episodes,

0:21.4

well, it's fantastic that you've chosen to come back for more. Now, we are seeing a trend of

0:27.1

founders at Instech, London, that have been successful because they have developed business

0:31.0

propositions to fill a very specific need. And then they've built out some clever technology.

0:36.3

And in the last few years, many of those

0:38.4

companies have been successfully signing up clients and partners. Well, Evan Glassman is one of those

0:44.1

people. Prior to co-founding New Paradigm, he was an insurance agent. But when he couldn't find

0:49.7

the cover he needed to give his clients full protection from hurricane loss, he got together with

0:54.6

Bradley Meyer and they co-founded New Paradigymory to offer parametric insurance.

0:59.5

Now they were one of the first companies that was launched to offer parametric insurance

1:03.6

as a core of what they do. Simple idea, an elegant solution, and like many of our guests,

1:08.8

they have built robust and often unique technology

1:12.0

at the heart of what they are doing. But whereas most companies only need to build digital solutions,

1:17.1

New Paradigm also had to build its own physical technology, which requires three large trucks

1:22.0

to shift and install. You'll hear more about that in a moment. Now, as always, lots here for everyone,

1:28.2

whether you are building a company yourself, working at an insurer, looking for who to partner

1:31.9

with, looking at investments, or just want some inspirational innovation. So plug in, lie back,

1:37.5

work out, or whatever else takes your fancy, and join Evan and I for the next 30 minutes.

1:47.8

Evan. join Evan and I for the next 30 minutes. Evan, great to have you on board.

1:50.5

You fall into the category of what I actually described earlier on today for the first time as

1:55.7

mature tech, meaning you've been around for longer than the whole in short tech world,

...

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