Insurtech Reask gains funding for AI model
InsurTech Reask, a leading science and technology company focusing on natural hazard modelling, has closed its seed funding round, led by Tencent, the global technology giant headquartered in China.
The company will use the funding to support the next stage of Reask’s product development, operational expansion, and business development worldwide, including the London Market.
David Wallerstein, Chief Exploration Officer, Tencent said: “The insurance industry will play an increasingly critical role in helping economies adjust and mitigate risks from climate-driven catastrophic events. We believe Reask is well positioned to partner and grow with the global insurance industry.”
Leveraging AI to create more accurate information
Reask is aiming to take on legacy Nat Cat modelling firms by fundamentally rethinking how catastrophe models are created, offering real-time, post-event, and longer-term probabilistic risk forecasting solutions for global weather-related catastrophes, which leverage the power of artificial intelligence (AI).
Currently, Nat Cat risk modelling is based on historical data, which risks being outdated, incomplete, or inaccurate. Instead, insurers need to leverage modelling solutions that incorporate current and potential future changes to our climate.
Thomas Loridan, CEO and Co-Founder of Reask said: “Artificial intelligence will be a critical tool to help humanity more accurately predict climate patterns and risks in the near future. In a dynamically-changing world, our forecasting tools must become more sophisticated. Reask has built a suite of products leveraging their climate forecasting engine for the insurance industry that are helping insurance companies accelerate the development of their climate-related offerings.
“The insurance industry will play an increasingly critical role in helping economies adjust and mitigate risks from climate-driven catastrophic events. We believe Reask is well positioned to partner and grow with the global insurance industry.”
The funding round was supported by SV Angel, a major San Francisco-based seed fund and early investor in Google, Twitter, and Airbnb, and by Hawktail, an early-stage US-based venture fund. It follows increasing traction by Reask with leading clients such as Swiss Re, AXA and ILS firms including Twelve Capital and Securis Investment Partners.
