Collaboration will streamline climate risks insights, helping organizations incorporate climate resiliency into business strategy
MELBOURNE, Australia, Sept. 12, 2023 /PRNewswire/ -- UST, a leading digital transformation solutions company, and mistEO, a climate fintech company, have announced their strategic partnership to address the pressing need for accurate, localized 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-localized projections. Through this partnership, mistEO will collaborate closely with UST to empower its insurance and banking clients across the US market with invaluable 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, localized weather data has resulted in substantial underwriting uncertainty and inflated insurance premiums. With mistEO's cutting-edge weather analytics and climate modeling expertise, UST aims to bridge the gap between critical data and insurance product development. By leveraging mistEO's ability to predict localized climate events with precision, 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.
"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," said Samuel John, Chief Executive Officer, mistEO.
"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 datapoints in assessing ESG strategy and risks. As 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," said Maureen Doyle-Spare, General Manager - Financial Services, UST.
The UST-mistEO partnership serves as a prominent example of the convergence of technological innovation and environmental consciousness. Together, they are poised to revolutionize the insurance and banking sectors, offering reliable solutions to one of the most pressing challenges of our time.
mistEO is a climate fintech company providing climate change adaptation know-how and technologies to private enterprises (B2B) and governments (B2G). mistEO's customers manage their climate risks better using the company's platform that orchestrates Spatio-Temporal Analytics, Weather Modelling, Machine Learning and Blockchain and their in-house expertise in Climate Economics and Actuarial Science. For more information visit: https://misteo.co/
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For more than 24 years, UST has worked with the world's best companies to make a real impact through transformation. Powered by technology, inspired by people, and led by our purpose, we partner with our clients from design to operation. Through our nimble approach, we identify their core challenges and craft disruptive solutions that bring their vision to life. With deep domain expertise and a future-proof philosophy, we embed innovation and agility into our clients' organizations, delivering measurable value and lasting change across industries and worldwide. Together, with over 30,000 employees in 30+ countries, we build for boundless impact-touching billions of lives in the process. Visit us at www.UST.com
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