Plover Parametrics
Plover Parametrics, based in San Francisco, specializes in fintech solutions for the insurance industry, focusing on innovative insurance products for climate change and other new risks.
Company Overview
Plover Parametrics is a fintech company based in San Francisco, CA, USA. Founded as part of the Y-Combinator Winter 2022 batch, Plover Parametrics specializes in the insurance sector. With a small yet dedicated team of three, the company focuses on using cross-domain data fusion to help insurers design new insurance products quickly and manage policies cost-effectively.
Fintech Insurance Solutions
Plover Parametrics addresses challenges in the insurance sector by enabling insurers to enter new risk markets and geographies more efficiently. The company provides a software platform designed to help the insurance industry structure, price, and sell event-driven insurance products. By offering climate change insurance that pays out immediately, Plover Parametrics aims to cover an uninsured climate risk market that is growing beyond $180 billion annually.
Insurance Industry Partnerships
Plover Parametrics partners with insurance carriers and brokers to expand the market for event-driven insurance products. The software allows capacity providers to standardize existing product offerings and supports dynamic First Notice of Loss (FNOL) via emails, dashboards, or RESTFUL APIs. Additionally, the company assists brokers in pricing alternative products to avoid market exhaustion and utilize parametric endorsements to generate premium savings.
Innovative Risk Insurance
Plover Parametrics offers novel approaches to insuring challenging risks through advanced price modeling and integration with existing hazard models. The company aids carriers in writing new business in hard markets while limiting balance sheet volatility and supports differentiation of their offerings in soft markets beyond traditional metrics like price and limit.
Underwriter Tools and Support
The company provides underwriter desk tools designed to help carriers make intelligent decisions regarding risk selection and aggregation. Plover Parametrics also offers product structuring services to underwriting committees to streamline the development of new products or programs, ensuring that their insurance offerings are both innovative and market-ready.