Reinsurance giant Munich Re’s specialist Lloyd’s of London Syndicate, Munich Re Syndicate, has entered into a new partnership with weather technology firm, ClimaCell.
The partnership follows a successful trial through the Lloyd’s Lab and sees Munich Re Syndicate leverage ClimaCell’s exclusive weather data to provide clients with actionable insights regarding the weather at specific events.
By utilising ClimaCell’s Insights Dashboard technology, it’s expected that clients of Munich Re Syndicate will be able to make better and more informed decisions that ultimately enhance operational efficiency, safety and also profitability. Under the partnership, the reinsurer is set to embed the Insights Dashboard tech as a value-added service in connection with its weather contingency covers.
“This initiative truly reflects how we strive to create product innovation in the market. We look forward to offering more value-added feature to our clients, by leveraging on ClimaCell’s expertise to increase certainty at the event and claims process.
“We will initially offer it to clients in beta test during 2020. We’re confident that our clients will recognise the value of the Insights Dashboard in helping them to manage their weather based risks,” said Stuart Newcombe, Head of Underwriting Development at Munich Re Syndicate.
Munich Re Syndicate served as one of ClimaCell’s mentors during the third round of Lloyd’s Innovation Lab, which operates as an insurance sector innovation accelerator.
ClimaCell’s Insights Dashboard allows users to see where, when and how their business will be impacted by the weather in real-time using hourly forecasts. The Insights Dashboard is powered by the company’s MicroWeather engine, which leverages machine learning, AI and Weather-Of-Things data to produce accurate weather forecasting.
Trevor Maynard, Head of Innovation at Lloyd’s, commented: “Through the Future at Lloyd’s, we are building the most advanced insurance marketplace in the world. To do this we must complement Lloyd’s traditional skills with new talent and expertise, and one of the ways we can achieve this is through the Lloyd’s Lab.
“I am therefore delighted to see again how the Lloyd’s Lab is encouraging the development of new ideas, and, in this case, a new service that will lead to faster claims payments for our clients as well as a richer understanding of the risks they face.”
Ian Tallett, Director of Business Partnerships, ClimaCell, added: “Munich Re catalyzed the creation of our brand new feature, Insights Dashboard. Munich Re will now be able to use customizable event prediction and catastrophe alerting to more effectively insure events and prepare for weather disasters. By removing weather-related uncertainty
“ClimaCell will greatly improve Munich Re’s claim validation processes, especially in traditionally data-poor environment. Going forward, we’re confident that Munich Re will expand the capabilities and reduce the risk of its weather-based insurance products.”
