Paris, France – April 20, 2016 :
Meteo Protect is pleased to announce that we have been selected as a finalist for the SAP HANA Innovation 2016 Award, one of only three selected for the Digital Innovator category. This is a tremendous honour as there were a record number of entries this year, with this recognizing our achievements in harnessing big data for breakthrough results.
Meteo Protect used the SAP HANA Platform to develop our application, Vivaldi, an underwriting and pricing platform for index-based weather insurance. In the first three months alone, Vivaldi produced over 4 000 price simulations and covered 10% of the active users. It now has over 20 877 users for the live system. Data upload is faster by 12.34 times (more than 35 millions of rows). Data compression (raw data/data size in SAP HANA) is up to 679%. Complex query execution (data analytics) is faster by 1.982 times on average, up to 5 times.
Vivaldi is a fully integrated platform that allows any agricultural cooperatives to provide index-based weather insurance products to its members. France’s biggest grain cooperative, Axereal, which collects five million tonnes of grain from farmers across the country’s bread basket, the vast Centre Val de Loire region, use Meteo Protect’s underwriting and pricing platform to ensure farmers are protected in the case of adverse weather conditions. Axereal branded Meteo Protect’s web-based app “Garantie Altéo“, and any cooperative member is now just five clicks away from purchasing index-based weather insurance easily, affordably, and when they need it.
Today, all 13,000 members of the Axereal cooperative can purchase affordable customized weather insurance from the cooperative they know and trust. Using the Alteo simulator at axereal.pro, farmers themselves choose each parameter of their weather policy, including crop, period of coverage, specific weather event and intensity, and even the amount of payment, based on their unique risk profile and budget. Garantie Alteo calculates a premium instantly and the term sheet is presented to the farmer in a manner that is simple, transparent and fully adjustable. The farmer can track their insurance contracts, quotes still under consideration and saved in Alteo Guarantie as simulations, and existing contracts that have already been underwritten and purchased.
Garantie Altéo is the only service of its kind in French agriculture. With this platform, Axéréal has significantly expanded its product portfolio, increased its revenues and its competitiveness, enhanced membership loyalty, and made a name for itself as being responsive to farmers’ needs. At the same time, Axéréal’s members have gained the opportunity to improve margin sustainability, generate additional revenues, and control costs.
For Meteo Protect:
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About Meteo Protect
Meteo Protect creates fully-managed parametric weather insurance products to protect businesses when the weather impacts their financial performance. A broker and underwriter based in Paris, and already active in eight countries, Meteo Protect covers risks anywhere in the world, and its solutions are supported by the largest insurers and reinsurers in the market. Meteo Protect is a Lloyd’s coverholder, is registered with ORIAS, and is a member of CNCIF.
Meteo Protect has strong international distribution partnerships with leading, financial institutions, agricultural cooperatives, and associations. Insurance companies use Meteo Protect’s white label, web-based underwriting and pricing platform to create parametric insurance for their clients. The policies are underwritten and managed by Meteo Protect’s award winning platform, Vivaldi, running on SAP’s HANA technology and certified by SAP.