Marco Mirabella: Founder & CEO, Ensuro: Crypto capital for insurance start-ups (164)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 14 November 2021

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Start-ups looking to sell insurance products often struggle to secure the insurance capacity from incumbent (re)insurers they need as a managing general agent (MGA). Ensuro is piloting an alternative source of insurance capital: using cryptocurrency funds from investors, locked in smart contracts on a blockchain, to underwrite risks. Founder and CEO Marco Mirabella joins InsTech London's Henry Gale on Podcast 164 to discuss the opportunity for cryptocurrency to be used as insurance capital and how Ensuro's technology works. Talking points include: The crypto market and decentralised finance (DeFi) The regulatory landscape for crypto insurance Applications of parametric insurance An insurance use case for NFTs (non-fungible tokens) InsTech London's latest report, Demystifying Crypto: the insurance opportunities and challenges, sets out what the insurance industry should know about crypto in more detail. To learn more about Ensuro, you can read an insight article we wrote about the company earlier this year, Cryptocurrency - the next capital pool for parametric insurance? 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. The Learning Objectives for this podcast are: Understand how crypto can be used as a source of capital in insurance Explore some of the regulatory landscape around crypto Identify an example of how NFTs can be used in insurance If your organisation is a member of InsTech London and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 164 page of the InsTech London 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	Hello and welcome. Matthew Grant here. Well, if you are one of our many regular listeners who join us early on Sunday morning, UK time that is, whether you are
0:21.0	running, ironing or whatever else you invite us to join you for. Hopefully, whilst you're
0:24.7	listening to this, I'll be sleeping soundly having arrived in California. Instech is on tour this week.
0:30.9	More on that later. And a slight shift in focus this week as well due to some COVID-related
0:36.0	cancellations for our scheduled guest,
0:37.9	but I'm delighted to say that Henry Gail, one of our research team, and editor of our
0:42.3	parametric post, has stepped up and is behind the microphone this week talking to Marceau
0:47.2	Mirabella of crypto and parametric startup insurer. Now, crypto assets generally, it's a fast-growing
0:53.0	area, but only just starting to touch
0:55.0	insurance. In this slightly shorter episode, Henry learns more about what the company is doing
0:59.5	and why. Now, thanks to all of you that have told me you like my interruptions in the podcast
1:04.1	to explain the tech terms. We're down to the wire this week on the recording and editing,
1:08.3	didn't manage to fit those in. So for those of you that are not familiar with insurance speak, there are a few acronyms in here to look out for.
1:15.4	Firstly, MGAs as managing general agents, their companies that are not insurers themselves,
1:20.4	but underwrite on behalf of other insurance companies, usually in specialized areas.
1:25.8	You're going to hear reference in here to atomisation,
1:28.7	which is breaking down of large components into smaller parts. That's not an insurance term, just more
1:33.0	general. And then finally, Marceau talks about ILS. Those are insurance-linked securities, also known
1:38.6	as catastrophe bonds, a type of insurance designed to act like an investment bond. Henry wrote up an article based on a discussion with Marceau in May earlier this year.
1:47.6	That's on the Instech London website, and you'll find a link to it in the episode notes for some more information.
1:52.7	And if you are more interested in crypto generally, look out for a report on what is happening in insurance,
1:58.6	now available on our website, instec.london that Henry wrote a few
	...

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