CLIMATEBYTE: CLIMATE RISK ASSESSMENT FOR AGRICULTURE INSURANCE USING BIG DATA AND ARTIFICIAL INTELLIGENCE
ClimateByte is a tool designed to address the gap between climate data and agricultural insurance companies. It provides a comprehensive set of climate-related information for risk profiling, enabling insurance companies to better manage their policies and pricing, thereby enhancing their ability to adapt to changing climate conditions.
Start date: 05/01/2022
Duration in months: 9
Problem Description
ClimateByte will use big data and ML approaches, such as Decision Trees and Convolutional Neural Networks, to reach the spatial resolution required by the insurance industry.
Goals
New services
Challenges
One of the primary reasons for the gap between the richness of the data available and its practical application during the everyday operations of the insurance field is the absence of high-resolution data. The challenge is to improve the pricing process and management of insurance products by gathering all of the climatic information required for risk profile in a single database, utilizing big data and ML methodologies.
Innovation results
On the area covered by the CINECA MISTRAL dataset, ClimateByte will provide a high resolution (downscaled) climate dataset.ClimateByte is the only SaaS on the market that automatically evaluates climate risk over several time horizons with a resolution appropriate for agricultural risk analysis.
Business impact
Confidential