EPISODE · Oct 23, 2024 · 49 MIN
Ola Jacob: Demystifying Parametric Insurance
from Scouting for Growth · host Sabine VdL
On this episode of the Scouting For Growth podcast, Sabine VdL talks to Ola Jacob, Business Development Director for the UK & Ireland at Descartes Underwriting, a specialist Parametric Insurance MGA and Insurer. On today's episode, Ola will provide an educational deep dive into the world of parametric insurance. He'll explain what parametric insurance is, how it differs from traditional insurance, and why it is gaining traction as a data-driven solution to cover risks like natural catastrophes. Ola will share real-world examples of how parametric insurance has provided significant value to corporate clients and industries adopting this innovative approach as part of their risk management strategies. KEY TAKEAWAYS When I started in insurance, I didn’t know much about it, but when you strip it down to its bare bones, it’s about making good on your promise. That was a big draw for me because it felt altruistic. When it’s done right, and someone receives their cheque for the claim after everything has gone smoothly, it's the best feeling in the world. The stigma we get from bad experiences is what damages insurance's image. The best solutions are ones people don’t know about and that don’t get in the way, making things better. If you’re going to create a solution that helps, it should have another login or portal, something clunky that gets in people’s way; it should be cool and slick like a Rolex. Innovation can’t be done on your own, when I won the Insurance Times Technology Champion of the Year Award, it was a reflection of the whole industry and all the people I’ve met on my journey that have been open to change. I don’t think we’ve done it yet. I think there’s so much more change to be had, and I’m excited to see how we can push further. The biggest problem with parametric insurance is the name, which sounds so complicated. But it’s actually the simplest form of insurance there is. The Mantra behind all parametric policies is: When a pre-agreed parameter is met, then a pre-agreed payout is made. This forms the backbone of all parametric contracts. That differs from indemnity, which is a promise to put you back in the same condition you were in before the loss; parametric insurance is pretty much black-and-white. BEST MOMENTS ‘If you add parametric to indemnity, it could really be a game changer that could change the face of how we do insurance forever.’ ‘I’ve always wanted to come in and do something to help change insurance for the better with technology.’ ‘In parametric products, the parameters must be measurable and independent, something that’s not controllable by somebody else, like weather.’ ‘Clients recover, using parametric insurance, with 10X less limit than they’d previously because of the speed of payout. And they’d planned how they would use that payout because they already knew what they were going to get if this event happened.’ ABOUT THE GUEST When recording this podcast, Ola Jacob was the Business Development Director for the UK & Ireland at Descartes Underwriting, a specialist Parametric Insurance MGA and Insurer covering Natural Catastrophe exposure globally. He is today the Business Development Director at Global Parametrics. With over 13 years of experience in the London Market Insurance Sector, Ola has worked on UK Retail, Product Recall, Terrorism, Onshore Energy, and Parametric insurance. Ola's background in Human-Computer Interaction and Psychology has fueled his passion for developing new approaches to risk transfer and managing risk for clients. As one of the pioneers of parametric insurance, Ola helped build a distribution strategy for one of the first successful parametric solutions in the London Market. In 2024, he was named Insurance Times Technology Champion of the Year for his innovative work. LinkedIn ABOUT THE HOST Sabine VanderLinden is a corporate strategist turned entrepreneur and the CEO of Alchemy Crew Ventures. She leads venture-client labs that help Fortune 500 companies adopt and scale cutting-edge technologies from global tech ventures. A builder of accelerators, investor, and co-editor of the bestseller The INSURTECH Book, Sabine is known for asking the uncomfortable questions—about AI governance, risk, and trust. On Scouting for Growth, she decodes how real growth happens—where capital, collaboration, and courage meet. If this episode sparked your thinking, follow Sabine VanderLinden on LinkedIn, Twitter, and Instagram for more insights. And if you’re interested in sponsoring the podcast, reach out to the team at [email protected]
What this episode covers
Insurance works best when it keeps its promise—simply, quickly, and without friction. In this episode of Scouting for Growth, Sabine VanderLinden sits down with Ola Jacob, Business Development Director at Descartes Underwriting (now Global Parametrics), to demystify one of the most powerful—and misunderstood—innovations in risk transfer today: parametric insurance. Despite its intimidating name, Ola makes a compelling case that parametric insurance is actually the purest form of insurance there is. The principle is refreshingly clear: when a pre-agreed parameter is met, a pre-agreed payout is triggered. No loss adjustment battles. No ambiguity. Just certainty—when it matters most. As climate volatility and natural catastrophes increase, traditional indemnity insurance alone is struggling to keep pace with the speed and predictability businesses now require. Parametric solutions flip the model from reactive reimbursement to pre-planned recovery—using independent, measurable data points such as weather or seismic activity to trigger rapid payouts. Ola shares why this shift isn’t just technical—it’s human. Insurance, at its core, is about trust. When claims are paid quickly and smoothly, it restores confidence in the promise insurers make. When they’re delayed or disputed, the entire industry pays the reputational price. One of the most striking insights? Clients using parametric insurance often recover with up to 10x less limit than before—because speed matters more than size. Knowing exactly what payout to expect allows organisations to plan in advance, allocate funds immediately, and stabilise operations while others are still waiting for loss assessments. This episode also explores why innovation in insurance can’t happen in silos. True progress requires collaboration across carriers, MGAs, brokers, technologists, and clients. Parametric insurance doesn’t replace indemnity—it complements it. Together, they have the potential to fundamentally reshape how risk is managed in an increasingly uncertain world. You’ll learn: Why parametric insurance is simpler than it sounds—and more powerful than expected How data-driven triggers enable faster recovery and better resilience planning Why combining parametric and indemnity cover could be a game changer for the industry What insurers must do to design solutions that feel invisible, elegant, and effective This conversation is essential listening for anyone rethinking resilience, climate risk, and the future role of insurance. 🎧 Tune in—and ask yourself: is your risk strategy built for recovery, or just for claims?
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Ola Jacob: Demystifying Parametric Insurance
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