Listen in as insurance carrier veteran Jamie Luce, who recently founded a startup, says parametric products are an “untapped” pathway to unleash more value for customers, agents, insurers and reinsurers. His firm, AIR Parametric, provides commercial customers with financial protection to mitigate the short-and long-term revenue shortfalls and expense overruns of unanticipated, extreme weather events. (Think heat spells, cold snaps, excess rainfall.) These weather events typically don’t cause physical damage to buildings or equipment — but can have devastating effects on productivity or customer behavior. For example, outside temperature is a big deal for farmers raising hogs, swine, cows, cattle or poultry. Cows produce less milk amid extreme heat, and a parametric contract offer financial relief. These products can work in tandem with traditional insurance. You’ll enjoy Jamie’s take on how a slow-to-evolve industry could innovate with new approaches to consumer needs.
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