Digital transformation solutions company UST and climate fintech company mistEO have announced a partnership with a view to addressing pressing need for accurate, localised weather and climate risk data in insurance and banking sectors. With climate-related risks on the rise, insurers and banks face escalating costs due to the absence of reliable, hyper-localised projections.
mistEO provides climate change adaptation know-how and technologies to private enterprises (B2B) and governments (B2G). Its customers manage climate risks better using the company’s platform that orchestrates spatio-temporal Analytics, weather modelling, machine learning and blockchain and in-house expertise in climate economics and actuarial science.
Weather, climate risks
A UST spokesperson said mistEO will empower its insurance and banking clients in the US market with insights into weather and climate risks, specifically in the property, casualty and travel Insurance segments. Extreme weather events and evolving climate landscape have intensified challenges insurance and banking companies face in managing climate-related risks.
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Lack of precise, localised weather data has led to underwriting uncertainty and inflated insurance premiums. mistEO’s weather analytics and climate modelling expertise is expected to help UST bridge the gap between critical data and insurance product development. UST will also be able to provide clients with accurate risk assessment models associated with climate events.
Immense potential
Samuel John, Chief Executive Officer, mistEO, said the partnership marks an exciting juncture in weather insurance and climate financing. As climate risks continue to reshape business landscapes, there exists immense potential for innovation and adaptation. “We are thrilled to join UST to pioneer data-driven solutions that empower businesses to navigate these challenges effectively. Our efforts will redefine risk management and lay the groundwork for a more resilient and sustainable future.”
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Disruptive technologies
Maureen Doyle-Spare, General Manager-Financial Services, UST, said partnership with mistEO highlights commitment to leading with innovation. “With our combined expertise, we will harness the power of disruptive technologies to deliver value to banking, financial services, and insurance clients and provide climate decision intelligence to enhance investment management decisions, lending, and insurance underwriting as well as provide critical datapoints in assessing ESG strategy and risks.”
The partnership serves as a prominent example of the convergence of technological innovation and environmental consciousness., the UST spokesperson said. Together, the partner companies are poised to revolutionise insurance and banking sectors, offering reliable solutions to one of the most pressing challenges of our time, she added.