WALLDORF — SAP (NYSE: SAP) customer Meteo Protect has been awarded the 2016 SMA Innovation in Action award for its ability to offer customized insurance policies based on current and historical weather data.
Meteo Protect uses the SAP HANA platform to aggregate over 80 billion weather-related data points from multiple sources. Once the data is collected, Meteo Protect is able to analyze risks and price and underwrite customized insurance policies in real time.
Over the last 20 years, the frequency and intensity of weather-related claims has nearly doubled, yet traditional weather-related insurance policies have remained largely unchanged, posing a problem for agricultural businesses. Meteo Protect is changing that by creating customized policies so specific that they address the weather risks posed in an individual farmer’s location. To achieve this level of accuracy, Meteo Protect relies on SAP HANA to upload data up to 12 times faster than traditional platforms allow. As a result, it can price scenarios and policies eight times faster, which keeps operation costs low while optimizing the customer experience.
“Meteo Protect addresses the specific needs of agricultural insurance buyers, helping them adapt to the unpredictable risk landscape associated with weather-related issues,” said Karen Furtado, SMA Partner. “We commend them for their modernization of the way the insurance industry leverages the use of technology, data and analytics.”
The SMA Innovation in Action award is presented to next-generation insurers and solution providers that put forward creative initiatives, technologies and solutions to modernize and reimagine the insurance business. The rise of new technologies is creating an immediate opportunity for insurers like Meteo Protect to transform traditional customer engagement and adapt to the changing needs of today’s insurance customer.
“We are thrilled to see the success of Meteo Protect since its participation in SAP Startup Focus, a program that helps startups build new applications on SAP HANA and accelerate market traction,” said Bob Cummings, global head of the Insurance Business Unit, SAP. “The agricultural market was traditionally underserved by the insurance sector due to its highly specialized needs. Meteo Protect saw that as an opportunity and is using analytics to ensure that farmers can adequately protect their livelihoods against the constantly changing weather and climate.”
To learn more about SAP’s point of view on the digital insurer and how insurance companies can take advantage of new technologies and processes, visit the website.
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