From hurricanes to record-breaking heat waves, floods to severe drought, our climate is changing rapidly, and the challenges associated with our weather have never been greater. Two companies have come together to apply their expertise and unique offerings to address these challenges through improved risk assessment within the insurance industries.
Esri startup partner, Monarch Weather assists clients navigating weather extremes by adding critical value to problem solving on a national and international level. For example, working with iMitig8 Risk Global, leaders in cloud-based risk management workflow patterns for engineering analytics within the insurance industry. Monarch brings customized weather and climate content solutions to the iMitig8 platform providing users with an invaluable enriched visualization layer of global data with the geolocation of each risk, powered by Esri’s mapping and location intelligence technology. To connect users to weather and climate risks for asset locations Monarch and iMitig8 utilize the Esri ArcGIS API for Python, ArcGIS Online, and ArcGIS API for JavaScript.
Together, iMitig8’s product paired with Monarch’s data empower stakeholders to understand the natural hazards and other outside influences that could affect the location. This crucial information helps companies reduce risk and exposure to its bottom line.
A recent partnership announced with the Esri Startup Program will optimize Monarch’s ability to help clients from all industry sectors navigate weather extremes. Esri, the global leader in location intelligence, provides early-stage businesses with the tools they need to build mapping and geographic information systems (GIS) technology into their products.
Monarch measures exposure to our changing climate by combining historical observations, calibrated model scenarios and bias-corrected forecast projections (eg. rainfall, wildfires, humidity, wind, temperature, earthquakes, emissions, sea-level rise, and other threats) with data on a company’s assets and their surrounding environment to determine future risk.
The key to any infrastructure resilience plan is an understanding of climate-related risk – flood plains are not ideal locations for new construction projects, for instance. In turn, already built assets can be adapted and strengthened to better cope with climate impacts as they materialize. When developing infrastructure, it is always wise to be mindful of impacts elsewhere – the potential flood risk resulting from the expansion of paved surfaces is one obvious example.
This can be done at various spatial resolutions, from whole portfolio level, down to individual assets, and across flexible timeframes and various climate scenarios. Municipality policymakers are increasingly using weather and climate data in their planning procedures, and demanding more and more engineering and statistical-type answers. Some cities are even hiring consultants to help with specific issues or projects where in-depth knowledge of climate behavior is important to future planning and construction. Resilient infrastructure requires the application of accurate weather and climate data, which can answer difficult questions and navigate planners through political and budgetary difficulties.
Underwriters will be able to manage project risks with powerful efficiency. Insurers and Reinsurers will save time and money for streamlined workflow of the iMitig8 Risk Global platform. You will also be able to provide important analytics to the stakeholders to help build strong relationships with clients.
Risk Engineers are able to access information in one place, providing deeper risk insights. Gathering data at each location during the inspection uses an intuitive mobile application, which can be used in virtual and physical inspection settings. The data collected provides reports in a matter of minutes, with the benefit of useful alerts that highlight key issues and deadlines.
About Monarch Weather & Climate Intelligence
We are a woman-owned business with a team of Certified Consulting Meteorologists (CCM) and GIS Analysts, providing meteorological and climate services via custom forecasting, modeling and advisory within the insurance, tech, energy, real estate, transportation and agricultural sectors.
Visit our website www.monarchweather.com or message us directly Team@MonarchWeather.com.
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