Climate Intelligence for Insurance

In the last decade, artificial intelligence (AI) has emerged as a game-changing technology in the insurance sector.

This technology is equipped with advanced analytics that enables insurers to gain an understanding of large data sets. 

In particular, Climate Intelligence allows insurers to grasp statistics, emission factors, and simulation of climate risks to arrive at accurate predictions on climate-related events. Furthermore, AI can also provide insightful recommendations based on claims management data analysis, helping knowledge workers determine eligible claims and what percentage of claims should be consistently paid out.

With that said, insurers will be armed with systematic data to predict future claims and assess portfolio risk on a real-time basis. 

For an effective climate risk management in light of the insurers, transparency about how money is paid out also maximises levels of meaningful involvement with communities.

Successful climate risk insurance is based on the inclusive and accountable involvement of beneficiaries and other local stakeholders.

Transparent insurance that involves communities in the design and implementation generates trust—a trust that can be generated through the accuracy of data provided by climate intelligence.

Protecting Insurers and Customers against Climate Risks

The use of climate intelligence will empower insurance companies to prepare financially and proactively help customers to strategise preparatory action to reduce climate risk and alleviate damage to their property. With the same technology, the residents in a community can be alerted to impending weather events – in some cases avoiding damage claims altogether. 

This approach will not only help the insurers but will also allow society to adapt as well.

Contact us here and find out more on how CLIMATIG can help you navigate these risks.

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