Specialist reinsurance broker Miller has entered the parametric insurance arena, launching a dedicated global team.
This new team will focus on the application of parametric insurance across various industries, offering solutions beyond traditional natural catastrophe triggers.
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It will be based in London and led by Alice Glenister, who has experience in parametric underwriting and insurance.
The parametric insurance team at Miller aims to provide clients with tailored solutions, ranging from conventional natural catastrophe triggers to bespoke programmes.
These include reduction in yield, cyber downtime and wind deficiency policies.
Miller said the expansion forms part of its commitment to diversifying its offerings and meeting the specific needs and risk profiles of its clients.
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By GlobalDataPreviously, Glenister held the role of director of insurance at Mastercard, where she focused on data-led and payment-led solutions.
She also brings underwriting experience from her tenure at Generali.
Joining Glenister in the parametric insurance team are Charlie Liddle, formerly of OneGlobal, and Rowan Minhas from within Miller.
Miller head of energy & construction Martin Henderson said: “The formation of this specialised team underscores Miller’s ongoing commitment to innovation and client-centricity, allowing us to develop and implement cutting-edge parametric solutions tailored to meet the diverse needs of clients across various industries and geographic regions.”
Glenister added: “This is an exciting opportunity to expand on the parametric work Miller have been doing and I am delighted to be leading the formation of this dedicated global team. Parametric insurance offers numerous advantages over traditional insurance products, including faster claims processing and greater transparency.”
This team formation follows Miller’s appointment in January of Ollie Spells as head of London property facultative business, bolstering the company’s Global Facultative team.
In December 2023, Miller partnered with Salesforce to leverage its artificial intelligence and cloud tools to enhance productivity.
The intermediary said it will deploy Salesforce Einstein and Financial Services Cloud to optimise operations across the company.
