New AI-driven insurance platform GridProtect is helping businesses recover quickly from weather-related power grid failures — which are happening with increasing frequency because of the escalating climate crisis.
According to FinTech, Adaptive Insurance has built revolutionary insurance plans to make businesses more resilient against damages and financial loss from major weather events.
Since 2000, 80% of major power outages in the United States can be attributed to weather-related events, and the frequency of grid failures is on the rise. Power outages in the U.S. cause $150 billion in losses annually, per FinTech.
Run by Montauk Climate, a leading incubator focusing on climate technology, Adaptive Insurance aims to use GridProtect to provide quick financial assistance to businesses immediately following a power outage. Traditional insurance plans require a 24-hour waiting period for activation.
"Climate and weather events cause $1 billion in damage every three weeks in the U.S.," said Philip Krim, founder and partner at Montauk Climate. "We launched Adaptive to address this immense and growing problem with a novel approach that is both effective and scalable."
Using artificial intelligence and climate data, GridProtect will be able to offer individualized parametric insurance solutions as soon as an outage happens.
According to the Federal Emergency Management Agency, businesses closed because of power outages for more than five days have a 90% chance of closing permanently.
Quick financial assistance helps businesses mitigate these risks. With faster payouts, companies can redirect funds to support employees and continue business growth.
AI is powering this new insurance platform, and other forms of tech are helping communities stay more resilient in the face of power outages. Rooftop solar, solar farms, and new batteries are making residents and businesses less dependent on the grid.
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"We've seen it all across the U.S. — climate change is accelerating faster than the insurance industry can adapt, and businesses are paying the price," Mike Gulla, CEO and co-founder of Adaptive Insurance, said. "... With our AI-powered platform, businesses can now insulate themselves from the financial shock of power outages the moment they occur — less waiting, less uncertainty."
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