What if your insurance product didn't need a claims adjuster?
When you remove the blame from the coverage equation, everything changes. In this episode, Randel Bennett walks through how no-fault embedded insurance—specifically parametric insurance woven into the solar energy business—is reshaping how performance guarantees work in commercial infrastructure projects.
Randel Bennett is CEO and co-founder of Qixent, a Chicago-based insurance exchange platform and licensed MGA enabling carriers and partners to launch and distribute insurance products at speed and scale.
Randel's insurance career spans traditional carriers (Allstate in product management), startup ventures (co-founder of Sigo Seguros, focused on non-standard auto for Hispanic buyers), and reinsurance infrastructure (VP of Strategic Partnerships at Swiss Re, working with dozens of MGAs and insurtechs on alternative distribution and new product development). He is currently pursuing an MBA from the University of Chicago Booth School of Business and holds a degree from Florida International University.
No-Fault Embedded Insurance: From Blame to Guarantee
Traditional insurance asks: "Whose fault was it?" No-fault embedded insurance removes the blame entirely. By embedding a parametric trigger (a predefined event and payout) directly into a service or product, you convert insurance into a guarantee. When solar panels underperform due to weather, the data triggers an automatic payout—no claims adjuster, no friction. The customer gets paid faster; the carrier transfers weather risk cleanly.
Data as the Foundation of Underwriting
The critical edge in performance guarantees is determining expected production with precision. Qixent uses weather data, historical production records, satellite imagery, and panel specifications to establish a baseline for each project. This data-first approach allows predictable, sustainable pricing and removes the guesswork from underwriting. As Randel notes, "data is really the core of everything that we do."
Annual Reconciliation vs. Event Triggers
Qixent's model allows flexibility: real-time payouts for significant weather events, but the dominant approach in commercial solar is annual reconciliation. Over a 12-month period, Qixent compares actual production to expected production. If weather caused a shortfall, the guarantee covers the gap. For 20–25 year projects, this cadence keeps both sides—EPC and asset owner—on stable, predictable footing.
From Commercial Solar to the Energy Transition
Qixent's 3–5 year vision extends beyond commercial solar into residential solar, battery storage, EV charging, and fleet electrification—any space where a performance obligation faces weather, grid reliability, or supply chain constraints. The underlying infrastructure is designed to be vertical-agnostic: "If we can measure it, we can guarantee it."
Founder Lessons: Humility, Problem-Market Fit, Co-Founder Complementarity
Randel's advice to insurance professionals considering entrepreneurship: Lead with humility (startup resources are scarce; you become the team). Solve a real, unmistakable problem (the performance guarantee gap in clean energy was Randel's unsee-able insight). Find a co-founder who complements your blind spots (Randel brings insurance and relationships; Glenn brings technology and operational rigor). And protect work-life balance—burnout tanks companies faster than capital constraints.
• "In the no-fault embedded space, we're removing the blame entirely... When their solar panels underperform due to weather, for instance, the data says, hey, this is what happened. And that triggers a payout. And that's it."
• "Data is really the core of everything that we do... because of that, we can price it in a way that's affordable and sustainable for the long term."
• "We're not just a tech company. We're an insurance company that uses technology. And that distinction matters."
• "When you come from a large organization, you're used to having resources at your disposal... When you go to a startup, you are the team. You are the infrastructure. And that requires a level of humility that a lot of people aren't prepared for."
• "If we can measure it, we can guarantee it. That's the big vision."
• Qixent: https://qixent.com/
• Randel Bennett LinkedIn: https://www.linkedin.com/in/randeljb/
• Randel Bennett Email: [email protected]
• Horton International: https://www.horton-usa.com/
• Joshua R. Hollander LinkedIn: https://www.linkedin.com/in/joshuarhollander/
• Insurtech Leadership Podcast Showcase: https://www.linkedin.com/showcase/insurtech-leadership-show
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