Parametric specialist Descartes promotes Schönach to lead global origination

Descartes Underwriting, an insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has promoted one of its senior employees Lukas Schönach to become its Global Origination Practice Lead.

Descartes Underwriting has been on a steady growth trajectory since its launch in early 2019 and recently surpassed 100 employees around the world.

The company underwrites largely pure parametric insurance products, as well as some parametric hybrid covers, leveraging efficient reinsurance capital alongside its technology and data-first approach to deliver parametric risk transfer more widely.

Lukas Schönach joined Descartes Underwriting not long after its launch and has worked at the parametric risk transfer specialist for more than three years.

He first joined the company as a Senior Business Developer, but this month Descartes Underwriting promoted Schönach to the role of Global Origination Practice Lead, which will see him overseeing global business development and prospect management, it appears.

Origination is a key activity in parametric insurance and reinsurance, as there is still a significant job to do in educating risk managers and protection buyers to the benefits and also possibilities of parametric coverage.

Any parametric specialist company needs its own sales team, as relying on brokers alone means you are just one tool in their offering and indemnity protection, in an annually renewed tower is far easier for a broker to sell.

Conversely, a parametric specialist can double-down on the real opportunity for protection buyers, to secure more responsive and faster paying protection, cover business interruption and contingent business interruption, as well as to fill gaps in traditional towers, or cover layers where traditional insurance is not as effective a solution.

Schönach has a background in climate risk insurance having worked with G7 initiatives in a previous role at Germany’s GIZ, prior to which he worked in consultancies and financial markets.