Insurtech Reask gains funding to ‘rethink’ global nat cat model using AI

Insurtech  Reask is taking on legacy natural catastrophe firms by “rethinking” models that leverage the power of artificial intelligence (AI) to help re/insurers deal with the increased frequency and scale of losses emerging from global weather-related catastrophes.

The company has secured seed funding from early-stage investors, including China's Tencent, to develop next-generation global nat cat modelling solution.

The funding will support the next stage of Reask’s product development, operational expansion, and business development worldwide, including the London Market.

Reask's list of clients includes Swiss Re, AXA and ILS firms including Twelve Capital and Securis Investment Partners.

Currently, nat cat risk modelling is based on historical data, which Reask points out “risks being outdated, incomplete, or inaccurate”.

Insurers need to leverage modelling solutions that incorporate current and potential future changes to climate, it says.

“ Reask is on a mission to be the leading provider of next-generation Nat Cat modelling, worldwide,'' said Thomas Loridan (pictured), CEO and co-founder of Reask. “We are already gaining great traction in the market with our unique AI-based solutions, and are thrilled that our high-profile investors have recognised this with their investments supporting the next stage of our growth strategy.”

He added: “There are three key purposes for the funding: technical – building out our science and AI teams to continue to expand our model range; sales and marketing – enhancing our business development and account management team; and operations – strengthening our internal capabilities to help build our business.”

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