Kettle

Cohort: Cohort 8, 2022

Focus in insurance value chain/workflow: Point of Underwriting

Specific lines of business supported: Personal, Corporate   

Founded: 2020

Status: Operating, still in insurance

Company type: MGA

Head office: Bermuda

Main global offices: Bermuda

Locations served: USA

Employee count: 11-100

Kettle is an MGA underwriting climate risks, initially wildfire and now also tropical cyclone. It has developed machine learning models that analyse satellite imagery, weather data, and real estate data to determine the probability of a property being impacted by a wildfire and the likely damage caused. Kettle’s first products include a homeowners’ product, a parametric wildfire reinsurance product, and a parametric wildfire insurance product for corporates. 

Primary focus product area whilst in the Accelerator: Parametric insurance. 

Kettle worked with their mentors to understand the needs and appetites of the market when it came to wildfire risk and how to approach entering the market. They identified several issues including outdated and inaccurate risk and loss models, locked up capacity and slow payment of claims. They incorporated these insights into the development of their parametric product, GRIL (Grid Rated Industry Loss). The capacity behind Kettle’s Parametric Commercial product comes from a Lloyd’s syndicate, found during the Accelerator.