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InsTech - insurance & innovation with Matthew Grant

Jonathan Gonzalez: Co-founder & CEO, Raincoat: Enabling parametric protection that scales (268)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 8 October 2023

⏱️ 31 minutes

🧾️ Download transcript

Summary

What does parametric insurance mean to Jonathan Gonzalez, Co-founder and CEO of Raincoat?  Raincoat is a technology company that works with brokers and insurers to develop and distribute parametric climate insurance for consumers in at-risk regions. The company is involved in parametric schemes around the world and aims to extend parametric protection to those exposed to disasters globally.  In this week’s podcast Jonathan speaks to InsTech’s Henry Gale, to discuss how Raincoat has expanded since the last podcast, and asks us to consider whether parametric insurance will ever simply be known as “insurance”? Talking points include: Lessons from operating parametric programmes where pay-outs were triggered Why parametric insurance is relevant across the world Raincoat’s approach to collaboration with brokers, insurers and distribution partners How parametric insurance is a “tool” Consumer attitudes to parametric How will the category of “parametrics” evolve in the future? To continue learning about the parametric insurance market, download our report "Parametric Insurance in 2022: the 150+ Companies to Watch". 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 newsletter for a fresh view on the world every Wednesday morning. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us [email protected] Continuing Professional Development - Learning Objectives InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Explain what parametric insurance is and how it can be scaled in the future Summarise the importance of collaboration in innovation Identify what lessons can be learnt from historical data and previous pay-outs to inform and aid the development of parametric insurance If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 268 page of the InsTech website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0

Well, hello and welcome, and we're back again this week for a topic we've been following

0:12.6

for quite some time now, parametric insurance.

0:16.0

Well, there's a lot of interest in this area, but it can be tough to line up all the important

0:20.1

parts,

0:24.5

distribution, product, capacity, and of course, analytics.

0:29.3

Well, since we last spoke to founder and CEO Jonathan Gonzalez in March last year,

0:34.1

he has been very busy, raising money, growing his client base and expanding into new areas.

0:37.0

Well, I'm Matthew Grant, but Henry Gail is your host for this one.

0:41.2

And if you only just discovered us, you can find out what we're up to at INSDEC and how we can help you, whether you're an insurer or technology company on www.com.

0:50.9

INSTEC is accredited for continuing professional development by the Chartered Insurance Institute,

0:56.0

and you can earn up to 0.5 CPD hours by listening to our podcast.

1:01.0

You can find the learning objectives on our website, www.insTech.co, or in the episode description.

1:08.0

Whilst you're there, please do take a minute to complete the feedback form.

1:11.6

We are always keen to hear what you think of the podcast.

1:14.7

Jonathan, welcome back to the podcast.

1:17.0

We last spoke to you in early 2022, and you told Matthew about how your personal experience

1:22.9

with an unpaid claim led you to found raincoat, to bring parametric insurance at scale to communities

1:30.0

that are exposed to natural disasters, weather events around the world.

1:34.3

And you're currently providing the technology for several of those programs, protecting

1:38.3

people against climate risks.

1:40.3

And you've actually raised a lot of funding, $11 million in funding since our last podcast.

1:45.0

Anything I've missed in that description?

...

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