In this episode, Wesley Pergament, Co-Founder and CEO of Sola Insurance, joins FNO: InsureTech for an in-depth discussion on how Sola uses objective weather data and a hybrid policy model to address major pain points in property insurance. With roots in disaster recovery and technology, Wesley explains Sola's evolution from a tornado-focused product to comprehensive wind and hail coverage, targeting gaps left by high deductibles and widespread fraud. The conversation details Sola's careful expansion into 15 states through partnerships with vetted agency networks and ongoing engagement with organizations such as Lloyd's, both as coverholder and Lloyd's Lab participant.

Key Highlights

• Inspired by first-hand experience with Hurricane Sandy, Wesley describes Sola's foundation to help communities recover from natural disasters using data and engineering expertise.
• Sola started by offering tornado-specific parametric coverage before expanding to meet the scale of wind and hail losses, which together cause significantly higher annual damage than hurricanes or wildfires.
• Sola combines elements of parametric and indemnity insurance, optimizing for accurate, correlated loss response and aligning insurer and policyholder interests. The model leverages detailed weather analytics and property data in claim assessment.
• The company's core proposition is addressing the growing insurance gap as traditional home policies raise wind and hail deductibles—often above the cost of roof replacement. Sola's data-driven validation reduces exposure to opportunistic claims, supporting more efficient operations and sustainable loss ratios.
• Sola's claims are managed independently from primary carriers, typically settling within a few days after hail or wind events. The process relies on verified weather data, roof and property characteristics, and photographic evidence.
• Sola's selective agency strategy prioritizes established, reputable agents and sustained territory and account management support. The distribution approach focuses on quality representation and claims service excellence.
• Sola's participation in the Lloyd's Lab accelerator and current status as a Lloyd's coverholder have supported product development and reinsurance relationships. Product modeling draws from both proprietary analytics and leading catastrophe models (ISO/Verisk, RMS).
• State insurance departments, including Oklahoma, have highlighted Sola's program as a potential solution for homeowners facing increased premiums and limited wind and hail coverage.