Sébastien Piguet: Co-founder & Head of Underwriting, Descartes Underwriting: Going global - delivering parametric insurance at scale (165)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 21 November 2021

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

Descartes Underwriting, founded in 2018, has scaled quickly to provide parametric insurance against climate risks to corporate clients around the world. Co-founder & Head of Underwriting Sébastien Piguet joins Matthew on Podcast 165 to discuss trends in parametric insurance and Descartes' experiences with its clients. Talking points include: Why some corporates are replacing indemnity policies with parametric Educating brokers and risk managers about parametric Insuring solar and wind farms Data sources for natural perils The potential for parametric cyber insurance Descartes Underwriting was featured in our report Parametric Insurance - 2021 outlook and the companies to watch, which is available to download for free to InsTech London members. If you want to keep up-to-date with the latest parametric insurance news and developments, sign up for our Parametric Post newsletter. 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 the value of parametric insurance Explore the role parametric insurance can play in climate change mitigation Compare some of the data sources for parametric 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 165 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	Matthew Grant here, back in the UK after a great trip to California. Well, I am delighted to say
0:20.0	that the US is most definitely open again for business. It was a short trip to California. Well, I am delighted to say that the US is most definitely open again
0:22.4	for business. It was a short trip, but a chance to speak to close to 200 people at the Property Insurance
0:28.4	Report Conference. Many familiar faces from the founders of some of the companies we've got to know
0:33.7	well over the last couple of years and representation for most of the major US
0:38.3	insurance. Now, it's been fantastic to meet so many people via Zoom over the last couple of years,
0:43.5	even better to see you all in person. We'll be releasing our remote claims assessment report
0:48.6	early in 2021. If you're offering capabilities in that area and aren't already talking to us,
0:53.2	then please do get in touch soon.
0:55.4	For today, though, I am delighted to be interviewing a company and a co-founder that in just a few
1:00.8	years has defined and successfully grown a business in an area that is getting increasing attention,
1:07.3	parametric insurance. We first came across Descartes insurance back in 2018 when Sebastian Pige and Tangu Tofu
1:14.4	had launched a business.
1:15.6	The company then rapidly evolved to be offering parametric cover to companies relying entirely
1:21.6	on brokers.
1:22.6	Whilst we're hearing a lot about parametric insurance, to our mind, Descart is one of the very few companies that has been able to quickly achieve scale in this area.
1:31.6	We cover lots of relevant and interesting areas, including how the Deccart team educated brokers around the world,
1:38.0	why basis risk exists in traditional contracts as well as parametrics, and why risk managers at large global corporations are starting to
1:45.4	consider parametric insurance as a serious choice and alternative to traditional indemnity insurance.
1:52.6	Sebastian was in Paris for this call and the sound quality does drop off in a few places, but
1:56.7	please bear with us and if you're interested in what it takes to rapidly grow a startup
2:00.9	insurance or want to understand more about the practical applications of parametric insurance,
	...

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