Adaptive Insurance offers climate risk insurance products, helping businesses and individuals protect themselves against financial losses caused by extreme weather events. Their policies are designed to provide payouts based on pre-defined weather triggers, offering rapid and reliable financial support when it's needed most.
Funding
$5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Businesses face increasing financial losses due to extreme weather events, including power outages, wind, precipitation, wildfires, temperature fluctuations, and floods. Traditional business insurance often doesn't cover short-duration power outages and other climate-related events, leaving businesses vulnerable to significant financial shocks. The increasing frequency and cost of climate change further strain resources and contribute to rising insurance costs and decreasing coverage.
Solution
Adaptive Insurance provides parametric insurance solutions that help businesses build resilience against financial losses caused by weather events. Their AI-powered platform uses real-time climate data to verify trigger events and automate payouts, enabling rapid financial relief. Adaptive's parametric policies complement traditional insurance by covering risks that may go uncovered, such as short-term power outages. Businesses can customize policies based on their specific needs, specifying the outage duration and coverage amount required for recovery.
Target Audience
Adaptive Insurance targets business owners seeking financial protection against losses caused by climate and weather-related events, as well as insurance brokers looking to expand their coverage offerings with parametric solutions.
Features
- Parametric insurance policies triggered by real-time climate data
- AI-powered platform for automated claims processing and rapid payouts, often within days
- Customizable policies tailored to specific business needs and risk profiles
- Coverage for power outages, wind, precipitation, wildfires, temperature fluctuations, and floods
- Stand-alone product that complements existing traditional insurance policies
- Coverage limits ranging from $5,000 to $50,000