Insurtech Descartes Underwriting has announced the appointment of Ola Jacob to the role of UK & Ireland Business Development Director.
Insurtech is structured as a managing general agency (MGA) specializing in parametric and data-driven risk transfer products. Its parametric covers are particularly suited to offer a new form of balance protection.
It applies to any economic loss, including harmless business disruptions such as: indirect loss of income, contingent BI, lack of tourism attraction, increased labor costs, etc.
In his new role, Jacob will focus on expanding the growth of Descartes’ next-generation corporate parametric insurance offering in the London Market to climate-exposed corporations worldwide.
He previously worked for International Broker Gallagher for over seven years. Most recently, he worked with FloodFlash, launching their UK distribution strategy and developing their parametric offering to achieve product market fit.
Currently, he supports the London Market as a Lloyds Charities Trustee and Innovative Risk Labs Advisory Board Member.
According to the announcement, Jacob’s arrival brings Descartes’ growth to more than 160 dedicated PhDs, natural risk modellers and parametric professionals.
Commenting on his appointment, Jacob said: “Joining Descartes will allow the expansion of the untapped potential of parametric Reinsurance and Captives, which is the next frontier of growth in the insurance industry. Throughout the market, witnessed We have already seen a significant increase in Captive and Reinsurance structures along with Parametric.
“Despite the challenges faced by the reinsurance market in covering natural catastrophe risks, the simplicity and effectiveness of parametric triggers make them attractive to insurers and Companies.”