UST, a digital transformation solutions company, and mistEO a climate fintech company, have announced a strategic partnership to address the pressing need for accurate, localised weather and climate risk data in the insurance and banking industries. With climate-related risks on the rise, insurers and banks face escalating costs due to the absence of reliable, hyper-localised projections. Through this partnership, the two companies will collaborate to empower its insurance and banking clients across the US market with insights into weather and climate risks, specifically in the Property & Casualty (P&C) and Travel Insurance segments.
The global surge in extreme weather events and the evolving climate landscape have intensified the challenges insurance and banking companies face in quantifying and managing climate-related risks. Traditionally, the lack of precise, localised weather data has resulted in substantial underwriting uncertainty and inflated insurance premiums. With mistEO’s weather analytics and climate modelling expertise, UST aims to bridge the gap between critical data and insurance product development. By leveraging mistEO’s ability to predict localised climate events, UST will be able to provide clients with accurate risk assessment models associated with climate events. These cutting-edge models will enable them to make informed decisions and offer tailored insurance products that truly reflect the exposure to weather and climate-related perils, reducing underwriting uncertainty.
Samuel John, Chief Executive Officer, mistEO, said: “This partnership marks an exciting juncture in the weather insurance and climate financing space worldwide. As climate risks continue to reshape business landscapes, there exists immense potential for innovation and adaptation. We are thrilled to join forces with UST to pioneer data-driven solutions that empower businesses to navigate these challenges effectively. Our joint efforts will redefine risk management and lay the groundwork for a more resilient and sustainable future.”
Maureen Doyle-Spare, General Manager, Financial Services, UST, said:
“UST’s strategic partnership with mistEO highlights our longstanding commitment to leading with innovation. With our combined expertise, we will harness the power of disruptive technologies to deliver unparalleled value to our Banking, Financial Services, and Insurance clients. Furthermore, this exciting partnership allows us to provide climate decision intelligence to enhance investment management decisions, lending and insurance underwriting, as well as provide critical data points in assessing ESG strategy and risks. As a greater understanding of climate risks becomes integral to business operations, our partnership with mistEO is pivotal to crafting sustainable solutions that allow clients to manage climate risk while simultaneously empowering the industry through transformative technologies.”