Insurance brokerage and people solutions group Lockton has unveiled its global parametric insurance team.
The initiative brings together a team of experts, including data scientists and modelers, that will develop efficient, customised parametric solutions to help clients protect against risks that insurance companies often miss.
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Parametric insurance policies provide payouts based on specific event triggers, such as storm magnitude, rainfall levels, or earthquake intensity in a defined location, which may not necessarily sustain physical damage. These policies offer clear transparency and quick payouts, often processed within days of an event, potentially enabling businesses to resume operations with reduced disruption.
In addition, Lockton’s parametric team, with expertise across multiple regions, will guide businesses through comprehensive risk assessments, leveraging data scientists and advanced analytics to identify triggers that can address potential losses.
This tailored approach provides a valuable complement to traditional insurance policies, filling coverage gaps with a cost-effective solution where it’s most needed.
“Over the past three years, Lockton has invested significantly in parametric expertise and resources across the US, Latin America, Europe, and Singapore,” said Diego Monsalve, Latin America and Caribbean Head of Risk Practices and International Head of Parametric Solutions. “This global team is uniquely positioned to address our clients’ risk management challenges through innovation, delivering the high-caliber solutions they’ve come to expect from Lockton. We are excited to support our clients as we move forward with this initiative.”
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By GlobalData“Parametric insurance solutions offer significant benefits that can help meet the needs of businesses seeking a more efficient and cost-effective approach to uncertainty,” added Peter Rapciewicz, Executive Vice President and Practice Leader of Alternative Risk Solutions and US Head of Parametric Solutions. “Lockton’s investment in a global parametric team underscores our commitment to delivering resilient solutions that not only provide financial protection but also empower businesses to continue operations seamlessly despite challenges.”
Furthermore, Lockton is planning to double the size of its business outside the US within the next four years, the Business Standard reported.
