AkinovA partners with Benchmark to develop better parametric models

AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks, has partnered with California-based Benchmark Labs, an internet of things-based weather forecasting solutions for the agriculture, energy, and insurance sectors.

The partnership will see the businesses use in-situ forecasting to understand how micro-climates impact pricing mechanisms. The companies hope it will result in better parametric insurance models by delivering historical, asset-specific data and probabilities, along with real-time, in-field observations.

“Benchmark Labs has developed a proprietary machine learning technology to provide specialised environmental forecasts leveraging state-of-the-art numerical weather models and recent advances in machine learning, cloud computing and IoT technologies,” said Benchmark Labs co-founder and chief executive officer Carlos Gaitan (pictured).

“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.”

Henri Winand, AkinovA’s co-founder and CEO, 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.”

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