AkinovA has partnered with forecaster Benchmark Labs to strengthen risk transfer decisions using forecaster technology to understand how micro-climates impact pricing mechanisms.
Founded in 2017, AkinovA markets an electronic marketplace for the transfer and trading of insurance risk. Benchmark Labs provides asset-specific environmental forecasting solutions.
According to Coverager, the partnership will see the two companies work to reduce the risk that occurs as a result of discrepancies between the weather forecast from the nearest weather station and actual weather at the asset location.
The publication added these discrepancies cause unsuitable payments to be made and leader to user dissatisfaction. The partnership, it claims, will also look to reduce the knowledge gap between the insurer and the client when it comes to environmental information.
AkinovA co-founder and CEO Henri Winand said, “Today’s series of climate threats require more precise technologies to increase capital allocation and boost climate resilience. Whether for indemnity or parametric insurance solutions, fast, accurate, cost effective, on-the-ground analytics and monitoring solutions are urgently needed.
“This enables brokers, MGAs, carriers, corporates and Insurance Linked Securities (ILS) investors in those climate resilience risk transfer products to price the risks they take on. The organisations seeking cover also benefit from more granular information: brokers, MGAs, risk carriers and other service providers on AkinovA are able to create new products to meet their clients’ needs, faster. With the addition of Benchmark Labs’ data and analytics offering, AkinovA’s clients and its ecosystem have access to an exciting new capability.”
Benchmark Labs co-founder and CEO Carlos Gaitan added, “Benchmark Labs has developed a proprietary machine learning technology to provide specialized environmental forecasts leveraging state-of-the art numerical weather models and recent advances in machine learning, cloud computing and IoT technologies.
“Partnering with AkinovA and their neutral, regulated and digital-first marketplace to transfer and trade re/insurance risks allows us to make our asset-specific information available to a variety of users, and to test and develop novel products that benefit the insurance and re/insurance sector.”
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