Steve Jobs, in his 2011 iPad 2 keynote, said: “It’s in Apple’s DNA that technology alone is not enough. It’s technology married with liberal arts, married with the humanities, that yields us the results that make our heart sing.”
At LIRG, we believe the same principle applies to the future of (re)insurance. Parametric (re)insurance is built on data, models, and equations. But if it remains overly complex or technical, it will never achieve mass adoption. Our mission is to put the “liberal arts” into parametric (re)insurance by bringing clarity, accessibility, and human-centered design into a space that has too often been dominated by confusing structures and difficult-to-interpret triggers.
Simplifying the Next Generation
The first generation of parametric (re)insurance products showed promise but often mirrored the shortcomings of traditional reinsurance structures. Industry Loss Warranties (ILWs), for example, were designed as innovative solutions but remain so technical and opaque that only a small group of specialists can truly interpret them. They rely on industry-wide loss indices that can be difficult for many stakeholders to fully understand, third-party reporting, and aggregated thresholds that can feel far removed from the risks buyers actually face.
The next generation of parametric (re)insurance must move beyond that. At LIRG, we are designing products with triggers that are clear and transparent. They are based on objective data that is measured and certified by independent third parties. A policyholder should be able to explain in one sentence when their coverage will respond. Outcomes should be directly aligned with the risks and exposures that matter most to communities, businesses, and reinsurers.
The Intersection of Risk and Humanity
Jobs described Apple as being at “the intersection of technology and the liberal arts.” For us, LIRG sits at the intersection of risk and humanity. We embrace the science of risk modeling but equally embrace the human need for clarity, trust, and certainty.
When disruptions occur, participants in the (re)insurance chain do not want to decipher statistical models or wait for committees to rule on definitions. They want to know if their protection will respond. Our job is to deliver that answer simply, quickly, and unequivocally.
Why Liberal Arts Matter in (Re)Insurance
Jobs also famously remarked that “computer science is a liberal art.” We see parametric (re)insurance in the same way. It is not only about algorithms but also about design, communication, and usability.
By marrying the science of parametric triggers with the art of storytelling and human-centered product design, LIRG is building solutions that are not only technically sound but also intuitive and approachable. That is how we unlock mass adoption.
Moving at the Speed of Change™
At LIRG, we are committed to Moving at the Speed of Change™. That means leading the evolution of parametric (re)insurance from niche structures to widely adopted tools for resilience. The liberal arts remind us that (re)insurance is not just about numbers. It is about people, livelihoods, and communities.
That is why we are putting liberal arts into parametric (re)insurance. When risk transfer is simplified, transparent, and human, it stops being just a financial instrument. It becomes a tool for empowerment and growth.
Disclaimer: This article is for informational purposes only and does not constitute an offer, solicitation, or binding advice on any insurance or reinsurance product. Outcomes depend on the specific terms of each contract, applicable law, and regulatory frameworks. Readers should consult with a licensed insurance professional regarding their individual circumstances.
