Insurtech Descartes Underwriting has announced the appointment of Ola Jacob to the role of UK & Ireland Business Development Director.
The insurtech is structured as a managing general agency (MGA) specialised in parametric and data-driven risk transfer products. Its parametric covers are especially attuned to offering a new form of balance sheet protection.
These are applicable to any economic loss, including non-damage business interruption such as: indirect losses of revenue, contingent BI, lack of tourism attraction, additional costs of working, and others.
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 globally.
He has previously worked for International Broker Gallagher for over seven years. Most Recently, he worked at FloodFlash, launching their UK distribution strategy and developing their parametric offering to achieve product market fit.
Currently, he supports the London Market as Lloyds Charities Trustee and Innovative Risk Labs Advisory Board Member.
According to the announcement, Jacob’s arrival takes Descartes’s growth to over 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 for growth in the insurance industry. Across the market, we’re already witnessing a significant increase in Captive and Reinsurance structures combined with Parametric.
“Despite the challenges faced by the reinsurance market in covering natural catastrophe risks, the simplicity and effectiveness of parametric triggers have made them attractive to insurers and Corporates.”