Climaitetrack Update: Dppm And The Evaluation Portal Now Online

By Author: D Edward Levy
Total Articles: 32
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Climate change is a real problem and to say it affects everybody and everything is an understatement. The topic itself is controversial and has unfortunately become politicized but there is no argument from the insurance industry as the effects of climate change have directly impacted the way insurance companies do business. The NOAA in the US has predicted ‘above average’ hurricane activity for 2025 and their predictions of size and severity of the recent hurricane Erin were on the money. Speaking of money, insurance companies continue to bear the brunt of these storms with increasing payouts for claims along commercial and residential policies. Technology cannot control the weather but insurance companies can utilize technology as an effective tool to strategize, mitigate and even build stronger client connections in the face of constant environmental and weather challenges.

The Technology

ClimAIteTRACK is an algorithmic technology that provides extended and advanced data analytics and insights for climate related metrics in a particular region. Through API calls, ClimAIteTRACK acquires relevant historical ...
... and current weather data that can be specified by:

City, state or provincial region
Country
Zip, postal and post codes for the US, Canada and the UK
Latitude and Longitude

Based on the desired inputs, ClimAIteTRACK collects specified data over different time scenarios, creates readable documents, cleans acquired data and sets data up for the analytics process. Values are applied through proprietary formulas, generating results and ultimately, the Environmental Assessment Grade (EAG). The EAG provides a clear and distinct ‘climate picture’ of the specified area that insurance companies can utilize to better strategize revenue management and maintain brand equity. The EAG is presented visually and can be vertically integrated into any client facing system or element. ClimAIteTRACK is designed with flexibility and both data and algorithmic processes can be dynamically adjusted to better suit the insurance business or area it serves.

The Mission

ClimAIteTRACK is an assistive and analytical tool for insurance companies to help navigate through the adverse effects that climate change has on the insurance industry. Insurance businesses can utilize ClimAIteTRACK’s powerful functionality and capabilities for two significant business benefits:

Provide premium guidance and revenue management insights that can help mitigate losses and increase client revenue intake through upward premium adjustments
Build brand confidence by offering clear transparency localized climate risk back to the client through marketing elements such as monthly or yearly bills and similar types of B2C communications

Premium revenue has become a focus for both residential and commercial insurance providers as weather severity ramps up losses and claims. With no real short or medium term solution for the climate and increasing severe weather events, ClimAIteTRACK uses technology to help insurance companies work through and manage the current environmental and business landscape.

The Dynamic Premium Pricing Model

ClimAIteTRACK data analytics can be effective in implementing a Dynamic Premium Pricing Model (DPPM) where monthly or quarterly client premiums can be dynamically set based on current climate risk. ClimAIteTRACK analytics can be run against regions as needed and calculatory functions and weather metrics can be optimized for more frequent EAG requests and DPPM applications. DPPM is another opportunity to increase premium revenues while offering full transparency to clients. With the changing environmental landscape, exploring and utilizing unique billing and accounting processes can help insurers mitigate losses and increase revenue and profitability. DPPM recommendations can be suggested by ClimAIteTRACK, making it an all in one solution for dynamic pricing and revenue management.

ClimAIteTRACK: A New Tool for the Insurance Industry

There is no denying climate change in the insurance sphere as the industry is suffering the effects first hand through increasing claims from severe weather and other environmental damage. Insurance companies can adopt algorithmic technologies to mitigate some of the effects of increasing severe weather events and ClimAIteTRACK delivers essential functionality and significant benefits to the industry. Real time and historic weather metric analytics provides a clearer ‘environmental’ picture of a certain location that insurance businesses can use to better manage revenue streams while client facing elements provide transparency and build brand confidence among those clients. The ClimAIteTRACK evaluation portal is now online and we welcome try outs of the technology. Get access here: https://climaitetrack.com/ClimAIteTRACK_Sample_Portal/.