Tts Development Spotlight: Climaitetrack

By Author: D Edward Levy
Total Articles: 9
Comment this article

This year’s NOAA hurricane forecast calls for more storms and more severity to those storms, keeping on track for more claims and losses in the residential and commercial property realm. The global insurance industry continues to experience higher than average dollar losses over the last decade with no relief in sight as global warming pushes the weather envelope. Recognizing the need for environmental analytics and monitoring tools, TTS is developing ClimAIteTRACK, a new technology for the insurance industry designed to drive revenue and build individual client confidence in the brand.

Monitor and Strategize Changes in Climate

Certain weather data points can provide a relevant illustration of a particular region’s current climate scenario. Using historical and current metrics, a detailed assessment can be deployed, grading the area’s past and potential future risk for climate related losses. ClimAIteTRACK is an all in one assessment tool for insurance companies that captures relevant weather data and statistics, analyzes trends and applies an Environmental Assessment Grade (EAG) to the location under review. ...
... The EAG is used as a basis to determine premium increases and is a consumer-facing element for transparency and bridge building between the client and carrier. ClimAIteTRACK performs automated data acquisition tasks and acquires pre-determined historical weather data points for a proprietary and dynamic algorithmic computation. ClimAIteTRACK makes its assessments and outputs a summary of trends, statistics and the EAG for the region in a configurable report that can be utilized internally and externally.

ClimAIteTRACK Helps Insurance Businesses

Insurance companies rely on data and analytics to efficiently maintain operations and positively impact growth. In the era of climate change and increasingly severe weather events, data becomes even a more powerful tool for carriers to assess individual clients and mitigate increasing losses from claims. TTS has designed the ClimAIteTRACK technology specifically for use within the insurance industry, delivering 2 significant benefits to businesses:

Provide environmental assessments and data to be used in premium adjustments for individual clients
Deliver transparency and bridge building to raise client confidence in the insurance brand

The premiums that clients pay for residential and commercial property insurance is essentially the main revenue source for insurance businesses and ClimAIteTRACK is an efficient and powerful technology that protects and optimizes critical revenue streams. Lack of disclosures and reasoning behind premium adjustments can create insecurity among client bases and offering transparency can instill confidence and trust in the client, providing long term retention benefits and loyalty.

What’s Next

June 2025 – ClimAIteTRACK backend code is almost complete and the next phase will include deployment of a user facing sample inquiry portal to showcase ClimAIteTRACK’s capabilities. When fully operational, registered users will be able to input a location and a provided access code to receive a full climate report and EAG for the requested location.

Please visit the ClimAIteTRACK https://climaitetrack.com/ to register in advance to sample the technology.

ClimAIteTRACK, a New Tool for the Insurance Industry

Catastrophic and increasingly severe weather events driven by global warming are increasing claims against damage to residential and commercial property across North America, Asia and Europe. Individual premiums that clients pay are generally the main source of revenue for insurance carriers and increasing premiums in the face of the effects of climate change is a key method in mitigating those increasing payouts. ClimAIteTRACK is a tool that quantifies a specific area’s climate risk and creates justifications for net positive premium adjustments while offering full transparency and confidence building on consumer facing elements. For more details and downloads, please visit the ClimAIteTRACK microsite.