(Photo credit: Don Amaro.)
Weather Analytics (Washington, D.C.), a provider of weather and predictive risk software for the insurance industry, has announced that Tokio Marine HCC (Houston) and W. R. Berkley Corporation (Greenwich, Conn.) together have funded a $17 million Series B financing round, which brings the firm’s total funding raised to more than $30 million.
Weather Analytics offers a range of weather-related solutions,including Risk mitigation tools, predictive analytics for the insurance and other industries, and weather event occurrence and potential loss assessment. The firm reports that its team of meteorologists and scientists have access to more than 50 times the global historical climate data than any other provider, combining over three decades of statistically-stable climate history as well as current and forecast weather content coupled with proprietary analytics methodologies.
Established Providers Charging Insurers Too Much for Too Little
“This financing will accelerate scientific and technical innovation that vastly improve decision support in risk selection, pricing and policyholder services for insurance companies across the globe,” comments Bill Pardue, Chairman & CEO, Weather Analytics. “Established providers are charging insurers too much and delivering too little. Weather Analytics is disrupting that equation.”
Chris Williams, CEO of Tokio Marine HCC, which led Weather Analytics’ Series A funding in 2015, comments, “We are delighted to continue investing in technology that differentiates our capabilities and the products we offer to our customers. Weather Analytics leadership and innovation within the Big Data space will help push the insurance industry into the future.”
R. Berkley, which has expanded its existing relationship with Weather Analytics by becoming an investor, reports the achievement of concrete benefits by leveraging the firm’s “transformational technologies” originally developed for the national intelligence and defense communities,” according to W. Robert Berkley, Jr., President & CEO of W. R. Berkley Corporation. “From underwriting, to actuarial sciences, to claims—the potential for better decision-making and improved services to insureds is tremendous.”
In addition to Tokio Marine and W. R. Berkley, Weather Analytics’ investors include In-Q-Tel, a non-profit strategic fund dedicated to identifying and accelerating development of innovative technologies to support the U.S. Intelligence Community. “Together, we are leading the change that delivers highly cost-effective and transformational solutions,” comments Chris Skarinka, President & COO, Weather Analytics.