Buying more time
HQ: Hamilton, Bermuda
Upgrading reinsurance for the climate crisis.
Reinsurance, or insurance for insurance companies, is a 630-year-old industry that still uses literal rubber stamps and relies on the past to underwrite the future. Climate-fueled disasters that depart radically from the historical record are threatening the industry’s viability in many sectors. The result has been falling returns to reinsurance that risks leaving insurance companies without a safety net.
How it Works
Kettle uses deep learning to price reinsurance more accurately and granularly. Their algorithms divide a given area into a grid consisting of millions of smaller squares. It then calculates the probability of ignition for each of these squares, followed by a spread model that predicts which properties in an area are most likely to be affected. The result is a highly detailed picture of fire risk at an asset level.
Through massive volumes of data and clever models, Kettle has built an algorithm that is 22% more accurate than industry standards. It draws on more than seven billion lines of data from satellites, weather, and real-time fires to run three tredecillion calculations per run. The result is that they can price risk in areas and for properties that a more superficial analysis would treat as too risky to cover.
in top 20% highest wildfire risk areas
ANDREW ENGLER CEO & CO-FOUNDER
Andrew was previously a VP of Digital Products at insurance underwriter Argo Group, where he built $72M+ in new product revenue.
NATHANIEL MANNING COO & CO-FOUNDER
Nathaniel was previously the CEO of Ushahidi and before that he was the first Chief Data Officer at USAID.
This startup can predict where the next California fire will startFast Company
Fintech’s Wildfire Fighter: This Reinsurer Is Using A.I. To Make California’s Insurance AffordableForbes