MADISON, Wis., Feb. 1, 2021 /PRNewswire/ -- Understory, a leading provider of insurance solutions built for the era of 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 is a highly-respected executive and insurance industry veteran. He brings more than three decades of leadership experience to the role across multiple geographies including Asia, the United States, Europe, the Middle East and Africa.
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.
"We had a very specific vision for this role. We needed a proven insurance industry leader with an outsider's mentality, and a willingness to question convention," said Alex Kubicek, co-founder and CEO of Understory. "Neil exceeded our vision with his track record and passion for making insurance meet the challenge of climate change. He's the ideal industry leader to help us seize the opportunity ahead of us."
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.
"Climate change is now firmly entrenched as the number one risk that business leaders are trying to manage, yet traditional insurance hasn't adapted fast enough," said Neil Irwin, Chief Strategy Officer at Understory. "Understory's technology and global risk model make it uniquely positioned to rethink the status quo and protect these climate-vulnerable businesses. I'm thrilled to be a part of it, and to invite a dialogue with any industry partner who shares our mission."
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.
Understory is a leading provider of insurance solutions built for the era of climate change. Understory's global network of Dot weather sensors power the world's most sophisticated weather risk model, allowing the company to assess and price severe weather risks around the world with precision. Understory is based in Madison, Wisconsin. To learn more, visit www.understoryweather.com.
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SOURCE Understory, Inc.