Suyana provides AI-powered climate insurance solutions to protect against flooding, hurricanes, and drought. Their platform uses machine learning and digital technologies to make climate insurance more accurate, accessible, and affordable, particularly in urban environments and for agriculture in Latin America.
Funding
Funding not disclosed
Founders
Product
Problem
Climate-related disasters such as droughts, floods, and storm surges cause significant economic losses globally, with a substantial portion of these losses remaining uninsured, particularly in developing regions. Traditional insurance models often struggle to provide affordable and accurate coverage due to data limitations and the complexity of assessing climate risks.
Solution
Suyana offers parametric climate insurance solutions that leverage satellite data, remote sensing, and global climate models to provide accurate, accessible, and affordable protection against extreme weather events. Their platform uses proprietary algorithms to enhance data from multiple sources, providing a high-resolution characterization of climate perils and economic flows at risk. By partnering with banks and financial institutions, Suyana scales climate protection, triggering payouts when a predefined climate index threshold is crossed, such as soil water content or ocean wave intensity. This approach minimizes basis risk through optimal clustering of areas and product design that considers local conditions and data availability.
Target Audience
Suyana's primary customers include families, businesses, and local communities vulnerable to climate-related disasters, as well as banks and financial institutions seeking to offer climate insurance products.
Features
- High-precision satellite data integration for accurate climate risk assessment
- Proprietary algorithms for data enhancement and risk characterization
- Parametric insurance triggers based on predefined climate index thresholds
- Risk aggregation techniques to minimize basis risk
- Partnerships with banks and financial institutions for scalable distribution
- Coverage for droughts, storm surges, and floods