Descartes’ Underwriting Manager, Alessandro Girelli, and Business Development Director for UK & Ireland, Paul Jones, recently caught up with InsTech London’s Henry Gale for a Member Spotlight interview. While focusing on the company’s expansion and trends in parametric insurance, Paul and Alessandro shared their key insights into the market and industry trends.
Defining parametric insurance as ‘a new set of solutions for clients to manage their risks’, Alessandro highlighted the transparency of its process thanks to Descartes’ use of advanced technologies. Both Paul and Alessandro identified the coverage for non-damage business interruption risks and its following financial losses as the most interesting type of coverage that Descartes is seeing – since those cannot be addressed by indemnity insurance and parametric insurance can provide a more transparent solution.
In particular, given that the capacity of catastrophe insurance solutions in the London Market decreases, Descartes’ parametric insurance is rapidly emerging as an alternative solution to replace traditional insurance. For Descartes, the London Market has been critical to our growth due to its high dimension of transaction and expertise of London brokers.
As Descartes recently launched its UK office and is planning to expand its footprint globally beyond the UK and Ireland market, this is an interview not to miss: Insight – Member Spotlight: Descartes Underwriting (instech.london)