The consequences of non-damage business interruption (NDBI), when events like pandemics don't cause physical damage to a business but do result in significant drops in revenue, have been particularly clear since 2020. Small businesses and gig workers are particularly vulnerable to losses of income during events beyond their control, but these losses tend to be uninsured.

OTT Risk, an MGA founded during the Covid-19 pandemic, is developing new approaches to underwriting non-damage business interruption insurance. It's now partnered with Apollo ibott Syndicate 1971, at Lloyd's, to offer revenue protection to the users of digital economy platforms.

Topics include

How the principle of parametric insurance is extending from covering catastrophic events to non-physical losses
Examples of how small businesses and gig workers could be affected by future NDBI events
How digital economy platforms could offer revenue protection to their users
The data sources you need to underwrite NDBI insurance
OTT Risk's experience in the Lloyd's Lab

We’d love to know what you think about this episode - click here and add your thoughts to our LinkedIn post about it.

If you like what you're hearing, please leave us a review on whichever platform you use or leave a post on Linkedin or contact Matthew Grant on LinkedIn.

Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning.

To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co

Continuing Professional Development - Learning Objectives

InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme.

By the end of this podcast, you should be able to meet the following Learning Objectives:

Describe some of the challenges faced by small businesses during non-damage business interruption events (NDBI)
Identify the advantages of using digital economy platforms and how they can offer revenue protection
Summarise the obstacles underwriters face with NDBI insurance and the tools required to overcome them

If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 237 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast.

To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Quentin Saleur & Matthew James: OTT Risk: Business Interruption for the sharing economy (237)

InsTech - insurance & innovation

Quentin Saleur & Matthew James: OTT Risk: Business Interruption for the sharing economy (237)