Further to a successful stay in the Lloyd’s Lab (insurtech accelerator), OTT Risk ended 2022 on a high: presenting our income protection cover for marketplaces at the Lab’s ‘Demo Day’ and signing a lineslip with leading Lloyd’s syndicate, Apollo ibott syndicate 1971.
Over recent months we’ve worked closely with Apollo’s- innovation focused- 1971 syndicate, adapting OTT Risk’s parametric insurance solution for the sharing economy: peer-to-peer hospitality, food delivery, transit platforms, online travel agents, e-commerce marketplaces, the gig economy and more.
OTT Risk’s income protection cover is structured as a service guarantee to the users of a marketplace. The protection allows a marketplace to differentiate from their competition, improving user retention and attracting new customers. Eligible users benefit from an income floor which protects them from the unexpected exogenous shocks which imperil livelihoods.
OTT Risk’s new emphasis is consistent with its goal of protecting hospitality, retail and leisure businesses against shock interruptions to customer flows, but marks a change in distribution strategy: away from bespoke corporate deals, towards the scalability inherent in online platforms. The marketplace opportunity is large, with hundreds of billions of users’ revenues at risk. Marketplaces offer the benefits of immediate risk diversification and tech-enabled scale.
Chris Moore quote: What is exciting about the collaboration with OTT is that the solution we are building is truly bridging an insurance gap for a growing community of individuals. This is a product that an increasing number of our insureds are looking for so they can provide a solution to protect the income of their marketplace users to help them build trust and grow.
David Soloff quote : We started OTT Risk with the aim of supporting resilience among businesses of all sizes, helping them navigate a world of unknown risks. Our partnership with Apollo will enable us to impact many thousands of hosts, owners and small businesses, as well as the marketplaces that support them. We are so thrilled to be partnered with Apollo who have pioneered underwriting digital marketplace risks, and built an immensely successful Lloyd’s Syndicate in the process.