Europe’s leading provider of weather risk insurance and SAP Startup Focus member – Meteo Protect – is dedicated to offering solutions that measure the potentially adversely impact of weather conditions on a business.
Having joined SAP Startup Focus program in 2014 they have gained incredible momentum since the validation of their solution, Vivaldi for Insurers, which leverages the SAP HANA® technology and will be soon running on SAP Cloud Platform. Meteo Protect provides insurance companies and agriculture cooperatives the means to distribute weather index-based insurance customized and priced in real time for their clients. In the last years, Meteo Protect accelerated and accomplished milestones: starting with growing offices in Paris, they are now expanding their business to London and Mumbai. The startup currently works with eight of the fifteen largest Utility companies worldwide to help them reducing or even eliminating their exposure to volumetric and price risks across North America, Europe and Asia.
A few weeks ago, FinTechCity announced the FinTech50 – an annual list of the 50 hottest FinTechs in Europe selected by the major players in European FinTech. And guess what… Meteo Protect was recognized as a Hot Ten FinTechs 2017, “the one to watch” in 2017. We have to agree with FintechCity, they are really hot. In past months they have been awarded with multiple recognitions like the “2017 Celent Model Insurer Award”, and the “Best Broker for Weather Risks in Europe” in the 2016 Environmental Finance Market Rankings, as well as the “2016 HANA Innovation award” in May 2016. They are also winners of the “2016 Innovation in Action Award” presented by Strategy Meets Action, and recognized in the “Constellation SuperNova Awards” for disruptive technology leadership.
But it is not just about awards, business is booming fast. The most recent success in June, is the Agriculture Association of Young Farmers (ASAJA JAEN), the largest professional agricultural association in Spain. They’ve partnered with Meteo Protect, in order to provide their adherents a means to secure fully customized weather insurance to protect the olive growers from increased costs and reduced revenues deriving from unseasonal weather.
Meteo Protect provides ASAJA JAEN with a fully-branded web-based underwriting and pricing platform which leverages the SAP HANA® platform to provide completely customized insurance for any weather-related risk for the olive growers. Unlike traditional insurance, indemnification is simple and automatic, requiring no field loss assessment, deductible or adjustment.
ASAJA JAEN represents more than 22,000 olive growers across the region of Jaen, Spain, considered the “world’s capital of olive oil” producing more than 600,000 tonnes, or more than 20% of the world’s olive oil. Olive trees are very weather susceptible, with thermal stress and water stress accounting for reduced quality and size of harvests. Temperature is the most important environmental factor, as olives require a cooling period for flower bud induction, and very high temperatures immediately after flowering can wipe out entire yields. Similarly, water stress affects photosynthesis, plant growth, oil production, and yield worldwide.
“The biggest added value for us using SAP was to be able to deploy our solution on a proven and robust technology, that can rapidly scale up from a POC to an industrial solution.
Furthermore, being part of the SAP Startup Focus Program gave us the opportunity to reach new partners and clients/prospects.” – Gabriel Gross, CEO of Meteo Protect.
We are looking forward to see what other interesting successes will this singular startup present us with in upcoming months. Will keep you posted!!
Connect with Meteo Protect at the SAP Financial Services Forum, July 4-5 in London.