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The Future of Insurance – Wesley Pergament, Co-Founder & CEO, Sola, Live from ITC Vegas 2024
Manage episode 449750642 series 3585151
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Wesley is CEO and Co-Founder of Sola Insurance based in Atlanta, GA. Wesley comes from a tech background and jumped into the insurance industry at a flood insurance startup where he was tasked with working on the data side with private and FEMA flood maps. Realizing this data was telling us exactly where the damage is, Wesley became obsessed with how data can be used to automatically trigger an insurance claim payout. Sola is starting with supplemental tornado coverage for homeowners but plans to expand into every type of natural disaster to help people cover their deductible and immediate expenses. Sola has already been approved in 15 states as the first ever admitted personal lines parametric product, is fully reinsured through Lloyd’s of London, and has partnered with hundreds of insurance agencies across the Midwest and Southeast.
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Highlights from the Show
- Wesley came on the show in Season 5 to share more of Sola's story, so be sure to listen to that for more background
- They recently launched a Wind & Hail product that like a hybrid Parametric/Indemnity proiduct in that it is data-triggered, but has validation of the loss through on-site inspection
- Their product speaks directly to an issue many insurers and homeowners are facing where providing traditional coverage is no longer financially viable yet homeowners are struggling to afford even high-deductible offerings that leave them excessively exposed – and mortgage lenders aren't comfortable with the coverage gap being created
- Sola's Wind & Hail product is cheaper than the money most homeowners would save by increasing their Wind & Hail deductible if they live in a hail-prone area, meaning they can get back to more complete coverage while saving money over what that coverage would have cost otherwise
This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook.
Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.
Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.
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