And so when I met David Friedberg last summer and he showed me his idea for launching a new technology-driven business for hedging weather risk, I was obviously keenly interested. After many conversations, due diligence and negotiations I am very happy to be on board as one of Weatherbill’s founding investors. Weatherbill, as reported on TechCrunch, will offer highly customized weather insurance to businesses across the US using the best of modern internet and financial technology to price and distribute its risk-management products.
As JD and Mehmet commented on my earlier post, one key to successfully selling risk management products to businesses is to make it as easy, intuitive and directly explicitly relevant as possible. ie Get rid of all the financial jargon and theoretical examples and paraphrasing Rod Tidwell – show them the money! And give the customers the tools – put them in the drivers seat. Call me old fashioned but nobody likes buying something they don’t understand.
