Arbol launches Climate Insurance Platform using AI and Blockchain.

The New York-based startup Arbol has introduced a parametric insurance platform that utilizes artificial intelligence (AI) and blockchain technology. The platform was developed in partnership with the RiskStream Collaborative, which claims to be the largest blockchain consortium for the insurance industry. According to Arbol, parametric insurance schemes offer compensation for weather-related events such as storms and floods. The market for such insurance is expected to triple in size due to the uncertainty created by climate change, according to Allied Market Research.

The platform, named dRe, is designed specifically for reinsurance, which is insurance for insurance companies. It is currently focused on severe storm catastrophes. The startup explained that the platform uses validated weather data from a decentralized climate data network called dClimate, as well as Chainlink’s decentralized oracle network, to trigger a smart contract based on wind speed and location for specific events. Additionally, the platform utilizes advanced artificial intelligence algorithms to power the Arbol risk framework and pricing platform for efficient underwriting.

The platform automates claim initiation, notifications, and loss calculations, which speeds up payouts and improves transparency in the system, according to the statement. Arbol shares a founder with dClimate, a decentralized marketplace for climate data. According to startup information platform Dealroom, the insurtech firm raised a $9 million Series A round in January 2021.

Read more: Shamba Network Sows the Future of Sustainable Agriculture in Africa

Edited by Parikshit Mishra.

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