What is Semi-Parametric Insurance in Social Media Cyber Protection (w/Rafael Broshi, CEO Notch)

Rafael Broshi is Co-Founder and CEO of Notch, an MGA offering new insurance products for individuals and micro businesses.  Notch provides insurance and security solutions for digital assets, starting with a business' digital storefront - their social media account.

Medium- and large-sized businesses have access to cyber insurance for damages created via email, social media, direct messengers etc. Businesses rely on social media for distribution and as a source of growth and income. Notch's social media coverage product is admitted in the US, written on HSB paper (an AA+ rated carrier) and protects against account takeover. The outcome is loss of income insurance for up to three months with a semi-parametric and semi-automated claims process.

Notch's product specializes on micro-businesses with up to 20 employees, with most of its customers making up to half-million dollars in revenue per year. Notch is selling direct to small businesses to understand the market, and is now starting retail agent expansion with an exact knowledge of their customer typology.

The brain of Notch's product uses public data to instantly evaluate the customer need, rather than relying on collecting information from the customer. Parametric insurance relies on an outside check to trigger the claims process, but it relies on whether there was a real loss. Notch is semi-parametric because they determine semi-automatically whether an incident has occurred and when to pay a claim.

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