Understory, a Madison, Wisconsin-based provider of insurance products and services focused on climate change, has appointed Neil Irwin as chief strategy officer.
Irwin will help drive the company’s strategic planning efforts, including expansion into high-growth markets, development of industry partnerships and new delivery models.
Irwin brings more than three decades of insurance industry leadership experience to the role across multiple geographies including Asia, the United States, Europe, the Middle East and Africa.
Previously, Irwin served as CEO of Central & Eastern Europe, Middle East and Africa for Willis Towers Watson. There, he led a team of more than 2,300 in a diverse, high-growth region spanning 48 countries. He also spent 15 years at Marsh where he served as regional managing director for the Middle East and North Africa, achieving the fastest level of growth in the region among industry peers.
Irwin, based in Dubai, most recently founded and led a successful consulting and executive coaching firm, helping some of the most promising insurance disruptors in the world achieve profitable growth.
In 2020, economic losses caused by climate-related events reached $268 billion, the majority of which were uninsured, according to a recent Aon report. Traditional insurers lack the tools to accurately assess and price this unprecedented risk. As a result, coverage is becoming unaffordable or unavailable when it’s needed most.
Understory is closing the coverage gap with insurance products built atop its unrivaled weather risk model, allowing the company to assess and price severe weather risks around the world with precision. The model is powered by a growing, global network of ground-based Dot weather sensors, the most accurate, maintenance-free and fraud-proof weather sensor that can be affordably deployed.
Understory’s first product, supplemental hailstorm insurance for U.S. auto dealerships, launched in November of 2019.
Source: Understory Inc.
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