Quentin Saleur & Matthew James: OTT Risk: Business Interruption for the sharing economy (237)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 2 April 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

The consequences of non-damage business interruption (NDBI), when events like pandemics don't cause physical damage to a business but do result in significant drops in revenue, have been particularly clear since 2020. Small businesses and gig workers are particularly vulnerable to losses of income during events beyond their control, but these losses tend to be uninsured. OTT Risk, an MGA founded during the Covid-19 pandemic, is developing new approaches to underwriting non-damage business interruption insurance. It's now partnered with Apollo ibott Syndicate 1971, at Lloyd's, to offer revenue protection to the users of digital economy platforms. Topics include How the principle of parametric insurance is extending from covering catastrophic events to non-physical losses Examples of how small businesses and gig workers could be affected by future NDBI events How digital economy platforms could offer revenue protection to their users The data sources you need to underwrite NDBI insurance OTT Risk's experience in the Lloyd's Lab We’d love to know what you think about this episode - click here and add your thoughts to our LinkedIn post about it. If you like what you're hearing, please leave us a review on whichever platform you use or leave a post on Linkedin 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 or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe some of the challenges faced by small businesses during non-damage business interruption events (NDBI) Identify the advantages of using digital economy platforms and how they can offer revenue protection Summarise the obstacles underwriters face with NDBI insurance and the tools required to overcome them 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 237 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	Welcome or welcome back if you're one of our regular listeners. Matthew Grant here,
0:13.3	but only briefly today because I'm handing over to Henry Gale, who is our lead researcher
0:18.1	for parametric insurance at his deck. Now, they say the secret of great management is what happens when you're not there.
0:24.3	So I'm about to join you, plug in, and discover how OTT is solving the problem of business interruption,
0:31.0	or more commonly known as BI or even CBI.
0:34.9	That's contingent business interruption.
0:36.9	Now, if you don't speak insurance, then
0:38.8	this is a coverage for when a business loses revenue because of something happening either
0:43.5	to its own business or to one of its supplies, like a ship blocking the Suez Canal or a global
0:48.9	pandemic. Okay? Here's Henry.
1:03.8	Great. Well, I'm thrilled to be joined to this podcast by OTT Risk.
1:09.7	We've got the chief operating officer, Quentin Seleur, and we've got Matt James, who's the head of business development.
1:11.0	It's great to have you both with us.
1:16.1	Good to be here. Good to be here, Henry. Thanks for having us. Now, for those who haven't heard of OTT risk, you're an MGA. You're founded in 2020, actually during the COVID pandemic, and tackling
1:22.5	the challenge of non-damaged business interruption insurance, a non-damaged business interruption or
1:28.1	NDBI, is when events like pandemics don't cause physical damage to a business, but they do
1:34.1	cause significant drops in revenue that are outside of businesses control. And I'm sure we'll
1:38.3	talk through a lot of examples later. And you're using parametric insurance with new types
1:43.5	of triggers and indices to solve that problem.
1:46.9	You recently went through the Lloyd's Lab in 2022, and you're now focused on some use cases around the digital economy,
1:53.1	which I'm quite interested to hear some more about.
1:55.5	But I want to start really at the beginning.
	...

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