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Will Climate-Smart InsurTech Revolutionise Property Insurance Underwriting and Pricing?

When ordinary homeowners or business owners need to safeguard their properties, they often turn to property insurance. However, the rapidly changing climate and intensifying weather phenomena pose significant challenges to traditional ways of underwriting and pricing property insurance. Here, FinMag explores how FutureProof Technologies, a promising InsurTech firm from San Diego, intends to transform the status quo with climate-smart InsurTech solutions and potential answers to the question: “Will Climate-Smart InsurTech revolutionise property insurance underwriting and pricing?”

Founded by an accomplished team – Alex Gelber, Alisa Valderrama, Ashby Monk, and Mark Allen – FutureProof Technologies has developed innovative insurance solutions that leverage artificial intelligence to create a new generation of insurance underwriting and pricing. With the backing of AXIS Digital Ventures and MS&AD Ventures, FutureProof Technologies is positioning itself as a game-changer in the InsurTech and Property Insurance sectors.

Key Takeaways

  • FutureProof Technologies is applying Artificial Intelligence to reshape the way insurance underwriting and pricing is done.
  • The company makes use of machine learning to project likely asset-level losses from weather phenomena like hurricanes.
  • Climate-Smart InsurTech can help close the coverage gap and motivate investment in climate adaptation.
  • FutureProof’s solutions provide instantly-bindable, price-differentiated quotes for wholesale brokers.

What sets FutureProof apart is its AI-driven approach to pricing and underwriting insurance policies. By using machine learning to project potential asset-level losses from severe wind and flood events related to hurricanes, FutureProof can provide granular, accurate predictions that can power a new generation of property insurance underwriting and pricing. Furthermore, through their API, FutureProof provides real-time algorithmic underwriting and pricing. This enables insurance brokers to access instantly-bindable, price-differentiated quotes, greatly simplifying and accelerating the insurance process.

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FutureProof’s commitment to climate-smart insurance products is another key differentiator. By incorporating climate change projections into their underwriting and pricing models, FutureProof helps close the coverage gap that conventional insurance products often leave. Additionally, it incentivises investment in climate adaptation, with its insurance products offering more favourable terms for property owners who take steps to mitigate the potential impacts of climate change on their assets.

Looking into the future, FutureProof Technologies appears poised for significant growth. The need for innovative, climate-smart insurance solutions will only become more acute as the effects of climate change intensify. As less climate-aware insurance companies face increasing losses due to more frequent and severe weather events, FutureProof’s value proposition will become even clearer. In addition, their novel climate-adaptation incentivisation structure will likely lead to greater uptake among policyholders, further driving growth for the company.

The intersection of climate change and innovative technology that FutureProof is a part of represents not only a critical challenge for society at large, but also a tantalising opportunity for the insurer willing to make the leap. If you’re interested in finding out more about FutureProof Technologies, its future, or getting in touch with the team, visit their website or connect with them on LinkedIn.

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