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Bold Penguin CEO says parametric insurance can scale into small business
The CEO said parametric has been widely used for large scale risks like droughts, hurricanes, and political volatility, and he wants to bring that approach to everyday commercial coverage.
Bold Penguin CEO Peter Settel said parametric insurance is poised to grow in the small commercial market by adding trigger based protection earlier in everyday sales conversations. He described a common business interruption gap where a storm knocks out power to a strip mall for days, leaving businesses without payouts because policies often require physical damage.
Settel said parametric insurance pays out when a measurable trigger, such as a verified outage, is hit. He told Insurance Business that the product has already established itself in larger scale, society level risks including agriculture protection gaps, climate volatility, and political volatility.
He also said Bold Penguin is looking to downscale that model into distribution for small commercial customers. Settel took the top job at the Columbus, Ohio based company in January 2025, succeeding founder Ilya Bodner, after previously serving as enterprise chief strategy and technology officer at Bold Penguin's parent, American Family Insurance.