Meteo Protect Takes Center Stage at Viva Technology 2018
Published on : 25 May 2018
Published by : Lucie
It is billed as the world’s rendez-vous for startups and leaders, and this year did not fail to disappoint. Lloyd’s Coverholder Meteo Protect was honoured to be highlighted at the invitation of SAP France to join its open innovation Lab. Over May 24-26 in Paris, the Meteo Protect team was center stage amongst the 80,000 attendees of ViVaTech, demonstrating how its award-winning parametric weather insurance hedging and pricing platform protects businesses when the weather impacts their financial performance.
There was a lot of media buzz surrounding Meteo Protect’s innovative solutions, with COO Michael Koch being interviewed on how the company developed the most efficient means for insurance companies, leading financial institutions, agricultural cooperatives and associations to provide fully customizable parametric weather insurance to their clients. He explained that it’s a bit like parametric weather insurance in a box: a white label, web-based pricing and contract management platform which is used to create parametric insurance solutions managed by the award winning platform, Vivaldi.
“For example, Spain produces 56% of the world’s olive oil, but olive trees are very weather susceptible, with thermal and water stress accounting for reduced quality and size of harvests,” Michael Koch explained. “But, in 2017, record temperatures were reached in Spain on several occasions throughout May and June, in addition to severe drought being experienced at the end of the summer.”
“Enter Meteo Protect: Our insurance solutions are offered to all 22,000 members of an agricultural association in the region named Asaja. All the cooperative’s membership who subscribed to parametric insurance for the critical April through June growing period in 2017 and suffered losses as a result of these adverse weather conditions had already received compensation by the following month!”
From the very beginning, SAP has been an extraordinary partner to us.
Koch explained that a key element to Meteo Protect’s success has been its partnership with SAP.
“From the very beginning, SAP has been an extraordinary partner to us,” said Koch. “SAP provides us with full access to Hana technology… with support from their experts we have been able to deploy our targeted climate change impact analysis and our customized weather risk pricing applications to serve global clients on a fast and secure environment and build it into a product we now offer to insurance companies. SAP opens doors for us, connecting us to clients, who can trust our solutions since they are certified by SAP. SAP shares the latest technology with us, ensuring that we have the optimum mix of performance, security, and ease of implementation and use. One thing is clear- as our product line evolves, we’ll be increasingly using tools from SAP in the process.”
At the same time, CEO Gabriel Gross was personally on hand to give demo’s of Meteo Protect’s award-winning white label, web-based pricing and contract management platform which is used to create parametric insurance solutions.
In addition, CEO Gabriel Gross spoke at a dynamic rountable organized at the SAP Innovation Lab, speaking with Bertrand Corbeau, COO of Crédit Agricole.
Gabriel Gross spoke to how in the face of growing weather risks emanating from climate change, a new class of risks have evolved in the insurance market. He explained Meteo Protect has developed parametric weather insurance solutions that insurers can sell to their clients, having developed commercial Web apps, using Meteo Protect’s API, where a grower, cooperative, corporate insurance manager, broker, agent or a company employee can build customized policies, run price simulations, purchase a policy online and track its lifecycle.
In the face of growing weather risks emanating from climate change, a new class of risks have evolved in the insurance market.
“We needed this as a Managing General Agent (MGA),” said Gross. “So, we built the whole value chain, everything you need to build a catalog of products, support the sales cycle, manage claims (these are smart contracts, no field loss adjustment), and of course manage a risk portfolio. But there is one thing that we don’t do: distribution, we partner with insurance companies that want to add our products to their own catalog, of course we manage everything for them including full or partial reinsurance.”
“In countries or markets where we don’t have a partner,” Gross continued, “we use our Lloyd’s capacity to write our own insurance contracts, supported by partnering syndicates, and these contracts are sold by brokers. This is why people call us a hybrid company, tech startup and full service provider on one hand, reinsurance and insurance underwriters on the other hand. Our software is certified by SAP and running on their servers, our contracts are authorized and backed by the Lloyd’s market. At least the growers understand very well what we do, that’s the most important.”
People call us a hybrid company, tech startup and full service provider on one hand, reinsurance and insurance underwriters on the other hand.
Indeed, Meteo Protect’s agriculture and agri-business weather insurance specialists, Sara Albert and Anaëlle Martin were on hand to answer questions, such as how Meteo Protect analyzes the impact of climate change on the history of our client’s risk, in a fully industrialized way, applying the reinsurers’ perspective as well as their own perspective, given Meteo Protect has the authority delegation to price and underwrite those contracts.