In this episode of the Insurtech Leadership Podcast, host Josh Hollander welcomes Nakita Devlin, CEO and Co-founder of Ric, who shares how her company is democratizing parametric insurance products for everyday Americans. Unlike traditional catastrophe coverage, Ric's approach focuses on immediate, predefined payouts triggered by meteorological events rather than complex damage assessments.

Devlin, drawing from her background as an insurance broker specializing in catastrophe coverage, explains how Ric is transforming parametric insurance from an enterprise-focused product into an accessible consumer offering. Their flagship flood product, launching in 2025, offers a $10,000 payout for $14 monthly, using only meteorological data for triggering events – a significant departure from traditional flood insurance's complex underwriting requirements.

Key Insights:

Notable Quotes:

"Insurance has a really big role to play in creating adaptability and resilience against climate change - not just for Fortune 500 companies, but for your average American." - [20:08] Nakita Devlin

"We think that for most Americans, even if you're making $100k a year, you're still living paycheck to paycheck... [they] shouldn't be penalized because they didn't know their home isn't properly protected for flood that's happening in 2025." - [38:57] Nakita Devlin

Key Topics Covered:

[09:16] Journey from catastrophe broker to insurtech founder

[15:10] Innovative distribution through employee benefits

[24:27] Structuring capacity as an MGA

[31:08] Product pivot based on market feedback

[38:22] Strategic focus on meteorological data

[41:03] Future of public-private climate partnerships

About Our Guest:

Nakita Devlin is the CEO and Co-founder of Ric, bringing deep expertise from her background as a catastrophe insurance broker. Her experience managing large-scale disaster coverage programs inspired Ric's mission to make parametric insurance accessible to everyday Americans. Under her leadership, Ric is pioneering new distribution channels and simplified underwriting approaches to address climate resilience gaps.

Resources:

Josh Hollander