Insurtech Reask Secures Funding to Deliver Next-Generation Natural Disaster Modeling

Insurtech Reask, an Australian science and technology company that focuses on modeling natural hazards, announced that it has closed its seed funding round, led by China-headquartered global tech giant Tencent.

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

The amount of funding was not disclosed by the Sydney-based company.

Reask said it aims to tackle legacy natural catastrophe modeling companies by fundamentally rethinking the way catastrophe models are created – offering real-time, post-event and more probabilistic risk forecasting solutions. term for global weather disasters, which leverage the power of artificial intelligence (AI).

Currently, cat nat risk modeling relies on historical data, which may be outdated, incomplete or inaccurate. Instead, insurers should take advantage of modeling solutions that incorporate current and potential future changes in climate, which increases the accuracy of risk modeling and pricing, Reask said.

Thomas Loridan

“Reask’s mission is to be the leading provider of next-gen nat chat modeling, worldwide. We are already gaining great popularity in the market with our unique AI-based solutions, and we are delighted that our renowned investors have recognized this with their investments supporting the next stage of our growth strategy,” said Thomas Loridan, CEO and co-founder of Reask.

“The funding has three main purposes: technical – to strengthen our science and AI teams to continue to expand our model lineup; sales and marketing – strengthening our business development and account management team; and operations – building our internal capabilities to help grow our business,” he added.

The funding round was also backed by SV Angel, a leading San Francisco-based seed fund and early investor in Google, Twitter and Airbnb, and by Hawktail, an early-stage US venture capital fund. This follows growing traction for Reask with blue-chip clients such as Swiss Re, AXA and insurance-linked security firms (ILS) including Twelve Capital and Securis Investment Partners.

“Artificial intelligence will be a critical tool to help humanity more accurately predict climate patterns and risks in the near future. In an ever-changing world, our forecasting tools need to become more sophisticated. Reask has built a suite of products leveraging its weather prediction engine for the insurance industry that helps insurance companies accelerate the development of their weather-related offerings,” commented David Wallerstein, Chief Exploration Officer at Tencent .

“The insurance industry will play an increasingly critical role in helping economies adapt and mitigate the risks associated with catastrophic climate-related events. We believe Reask is well positioned to partner and grow with the global insurance industry,” continued Wallerstein.

Reask’s suite of modeling solutions that uses AI is detailed as follows:

  • DeepCyc: Global probabilistic hazard model that provides a high-resolution probabilistic view of tropical cyclone risk anywhere in the world.
  • ForeCyc: Climate-adjusted probabilistic risk model that allows a forward-looking approach, taking advantage of alternative climate forcing conditions to adjust the risk view.
  • HindCyc: Tropical cyclone hazard event response model that leverages Reask’s machine learning wind model, the latest official reports from forecasting agencies, and an on-the-fly event simulation engine. HindCyc provides high resolution probabilistic gust footprints immediately upon landing, worldwide.
  • Metryc: A tropical cyclone calculation agent model that targets the specific requirements of the parametric insurance industry. Providing high-resolution wind hazard intensity measurements days after an event has occurred, Metryc provides a reliable calculation agent with consistent global coverage.

Source: Ask Again

Topics
Mergers Natural Disasters InsurTech Tech

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