The development of insurance tech never stops, that’s why the companies InCubis and Climatig joined forces to jointly define new products, assess climate risks, and advance the ecosystem of insurance services.
Climatig as specialists in climate risk assessment, and InCubis as a core insurance system service provider, have jointly directed their resources towards the development of new products that will ensure full protection of clients through climate risk assessment.
By combining the expertise of these two companies, the emergence of new products adapted to the modern challenges posed by climate change is expected. This partnership will not only enable the development of new products but will also bring innovation to existing ones.
Climatig uses data from different climate models for multiple scenarios, as well as satellite and historical data to create its climate risk prediction models for all hazards, but also to calculate the costs that will arise due to climate change. Using machine learning techniques to train the model, all climate risks calculated by Climatig are evaluated at a high resolution of 10 meters, giving detailed insight into potential impacts on insured assets.
The CUBIS insurance information system supports all insurance processes, including the definition of insurance products and sales processes in which it is most appropriate to incorporate climate risk assessment. This cooperation has the potential to result in a more precise determination of premiums, providing clients with adequate protection and optimal financial conditions.
The cooperation with Climatig will also enable InCubis to include new possibilities in its product configurator and sales application. Those will help insurance companies reduce risks and adapt to new circumstances, in cooperation with their business partners.
