In IBISA we leverage technology to provide the best possible understanding and coverage of weather-related risk. Because of that we have developed a new innovative solution that we think could be useful outside the insurance world. Here is why.
How does IBISA work?
IBISA designs, distributes, and operates through a global turnkey platform climate and weather parametric solution. Our objective is to provide cost-efficient and transparent tailormade weather solutions to fit specific segments and client needs.
We work with global reinsurers, local insurers, and other local and global partners to deliver end-to-end products and solutions. Thus, IBISA has an essential role in the value chain, between worldwide reinsurers and local actors to help both enable weather parametric insurance everywhere.
IBISA is backed by a tech backbone composed of three blocks: Earth Engine, Risk Modelling, and Policy Management System.
In IBISA Earth Engine we use satellite data to track weather parameters like rainfall and temperatures across the world. We then process, analyze and make actionable data.
Then with our Risk Modeling toolbox we can create insurance solutions tailored to each segment and the individual needs of each client. This product design includes the assessment of the risks, the definition of potential coverage and of course the pricing and structuring using risk models.
Ending up with our Policy Management System is the result of affordable premiums, fully digitized policy management and rapid payouts ( less than 10 days).
But wait! You must be thinking, why are we talking about IBISA so much? Isn’t the topic about “The Weather Simulator”?
You are right!
All the above information was to set the context for the same and before we move ahead, it is also important to know what do we mean by weather simulation.
Weather Simulation
So here comes the idea – IBISA develops tools to help price events by using IBISA’s Earth Engine (satellite data management) to acquire, process, and analyze information related to extreme conditions like heavy rainfall. This allows us to answer questions about extreme weather events like:
“What is the probability that 200mm of rainfall will occur again in the coming years in Manilla or Madurai or Luxembourg?”
This technology estimates the probability or return periods of weather events based on historical data from any region in the world using statistical models. A solution that uses satellite data to track weather parameters such as rainfall and temperatures across the world.
From Weather Simulation to The Weather Simulator
This technology can be adapted to a variety of industries outside the insurance world and can be used to help budget and plan activities affected by weather risks, aid in research and development of weather-sensitive products and technologies and assist in long-term investment and operation decision-making.
That is why we now release, The Weather Simulator (TWS) as a standalone product.
TWS is changing the way of simulating rainfall and can help organizations predict how rainfall will affect them in different parts of the world. By using TWS, businesses can better protect their lives, property, and businesses from the increasing weather risks.
If you would like to know how the Weather Simulator could be of utility in your business, then know more details HERE.