Paris, France – March 24, 2016:
Meteo Protect, a provider of weather risk management solutions, today announced that it has joined the SAP® Startup Focus program. Through this engagement, it has built VivaldiTM, a solution that leverages the SAP HANA® platform to provide insurance companies and agriculture cooperatives with the means to distribute weather index-based insurance customized and priced in real time for their clients.
SAP HANA enables businesses to make smarter, faster decisions through analysis and reporting combined with dramatically accelerated business processes. Meteo Protect joined the SAP Startup Focus program in order to utilize the benefits of SAP HANA to handle the complexity and volume of its transactions. VivaldiTM is a white-label platform which generates mobile and web apps to allow clients to simulate, quote, and purchase insurance to manage their weather risks. In addition to customized underwriting and pricing, VivaldiTM offers automatic claims management and settlement as well as reporting.
“Given global increased weather variability as a result of climate change, there is a strong unmet demand by companies looking to limit their weather exposure. VivaldiTM is the way for insurers and cooperatives to provide solutions to build resiliency to climate change profitably, at a price their customers can afford.” “With VivaldiTM, insurance companies and agricultural cooperatives can deliver will expand their product portfolio, increase revenues and competitiveness, enhance customer loyalty and develop a reputation for being responsive and innovative,” explains Gabriel Gross, CEO of Meteo Protect.
The SAP Startup Focus program supports startups in developing new applications on SAP HANA, SAP’s real-time database platform that streamlines analytics, planning, and predictive and sentiment assessments to allow business to operate in real time. The program is an accelerator for big data, predictive and real-time analytics startups.
Meteo Protect’s index-based weather insurance platform, VivaldiTM, uses historical and real-time weather data from ground stations and satellites, cleaned and quality controlled. Index-based weather insurance triggers a payment linked to any adverse weather condition. Unlike traditional insurance, payment is simple and automatic, requiring no field loss assessment, deductible or adjustment.
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For Meteo Protect:
: +33 (0)1 84 16 66 11
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.