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InsTech - insurance & innovation with Matthew Grant
Jonathan Gonzalez: Co-founder & CEO, Raincoat: Enabling parametric protection that scales (268)
Oct 8, 2023
Jonathan Gonzalez, Co-founder & CEO of Raincoat, discusses parametric insurance, collaboration with partners, and the potential of parametric protection. They delve into lessons from parametric programs, global relevance, consumer attitudes, and the future evolution of "parametrics".
31:07
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Quick takeaways
- Parametric insurance faces challenges in data availability, IT infrastructure, product packaging, and distribution, as well as regulatory uncertainty and market perception.
- Parametric insurance has the potential to fill gaps in traditional insurance coverage and reach markets where traditional products face challenges.
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The Challenges of Scaling Parametric Insurance
Parametric insurance products pose challenges in data availability and quality, IT infrastructure, packaging and distribution, as well as regulatory uncertainty and market perception. Data availability and quality are critical, as granular details matter when providing coverage at an individual level. Collaboration with data providers, investment in data collection infrastructure, and leveraging advanced technologies are important. IT infrastructure surrounding the product, including claims experience, policy management, and educational interfaces, needs to be developed cost-effectively. Product packaging and distribution should focus on meeting the needs of individual customers, and collaboration with partners is necessary to navigate these challenges. Regulatory engagement and adaptation to local requirements are important, as the parametric insurance category is still new. Regulators play a crucial role in shaping the market and encouraging its growth.
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