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Climatica

http://climatica.ai/

Climatica is an insurtech that helps companies from climate-sensitive industries mitigate business risks by compensating for damages and losses caused by unfavourable weather conditions. Its parametric technology identifies extreme weather events and pays out compensation without human involvement. Thorough automation shortens the entire process from weeks to minutes, which helps companies from industries such as tourism, agriculture or renewable energy develop irregardless of weather conditions.

Insurance products built upon Climatica's technology offer:
- transparency: compensation payout does not rely on a human decision – once a predefined event occurs, the system receives a notification that triggers the payout,
- time efficiency: the insured receive their compensation immediately after a predefined event without submitting documents or waiting for the insurer's decision,
- optimal cost: the system assesses weather risks with high accuracy which lowers the cost of final products.

Climatica uses advanced AI algorithms to analyse big amounts of weather data from 3rd-party sources. Its predictive models are capable of assessing the risk of occurrence of extreme weather events for specific regions. Such risk assessment method – based on climate data instead of complaint history – guarantees more adequate and fair pricing.