Alok is co-founder and CEO of Assured Risk Cover (ARC), leading the journey of the startup from a dream to idea inception, to team-building, and raising venture capital investment for ARC. Alok led ARC to its current stage, where products are launch ready, with market research completed, and industry partners lined up to launch ARC's insurance product into the market place. To achieve this, Alok brings in 16+ years of experience in productization of risk and reliability analytics to solve industry problems. He has a Ph.D. in Civil Engineering specializing in Risk and Reliability from Stanford University and has published several journal and conference papers on a variety of related topics.
He has also reviewed journal papers (including the National Academy of Engineering publication) for submission by other authors. Before committing fulltime to ARC, Alok was an Associate at MMI Engineering focusing on providing risk and reliability analytics to the insurance and energy sector.
Prior to MMI, Alok was a Senior Director at Risk Management Solutions (RMS), a world leader in providing catastrophe risk solutions, where his work focused on risk analysis (methodology and product development) for a range of natural and man-made hazards, for use by the insurance industry.
Alok brings in a deep passion to bring ARC's solution to society, via immediate financial relief to people, in time of their most need following a hurricane.
Kevin is a senior insurance executive providing independent consulting services to the insurance industry. He is an innovative and results-focused executive with success in success in driving both top and bottom line growth in numerous segments of the insurance brokerage industry. Kevin was one of the founding Managing Partners of Ryan Specialty Group. He developed and lead Aon's small commercial strategy in the US as its President, and was the key leader of Aon's US personal lines business.
Kevin was the architect and developer of Aon's internet and management software platforms in their personal lines, wholesale, MGU, facultative reinsurance, and small commercial businesses. Prior to this, he was the key leader in the consolidation of Aon's Wholesale business.
Kevin brings in a tremendous experience base to draw from and guide ARC in achieving its mission to launch an innovative hurricane insurance product in the US market.
Unlike traditional property-casualty insurance, parametric policies typically don’t have exclusions, deductibles or require adjusters to assess damage. Because payouts are triggered by a discrete event, the payouts can happen almost immediately.One of those firms is Silicon Valley-based Assured Risk Cover, which offers a product called StormPeace that provides insurance coverage for hurricanes in Florida.
Assured Risk Cover is a five year old company that sells a parametric hurricane insurance policy in Florida. Founder and CEO Alok Jha says his company can help pay for damage to a home, but also out-of-pocket costs, evacua-tion costs, food spoilage and generator rentals. The policy, marketed under the name "Storm Peace," has no deductible. It provides coverage up to $60,000 and bases payouts on a hurri-cane's strength and the home's distance from the storm.
Last Wednesday, as Michael roared toward Mexico Beach, StormPeace notified its policyholders in the Panhandle of the storm’s proximity, and Friday notified eligible policyholders that they were due for a payout and how much they had coming to them. All they have to do is attest, and StormPeace will electronically transfer the money to their bank accounts. read more...