In the face of rapid climate change, our world is witnessing increasingly extreme weather events, demanding a paradigm shift in risk assessment strategies. Lucky for us, startup named Climatig is working on just that.
Startup: predicting climate risks
In the dynamic realm of insurtech and fintech, Climatig emerges as a beacon of innovation, providing a platform for climate risk assessment for any type of location in Europe. The brainchild of Alen Šterpin and Duško Radulović, Climatig focuses on precise climate risk assessment based on geolocation for diverse assets, ranging from homes, hotels and schools to roads and agricultural fields.
A simple question “How much will climate change cost you?” paved the way for what is now a sophisticated platform, unveiling its 2.0 version in October 2023, available to both B2B and B2C users.
Alen Šterpin, CSO, and Duško Radulović, CEO, Climatig
Origin: passion meets precision
The origin of Climatig is deeply rooted in the passion of its founders. Alen Šterpin, a physicist and owner of a weather forecast mobile application, teamed up with Duško Radulović to address the growing need for accurate climate risk predictions. The duo embarked on a mission to calculate climate risk data that would benefit both individuals and institutions.
We decided we want to calculate climate risk data to help people and businesses: insurance companies, banks etc. who need climate risk prediction.
Alen Šterpin, CSO, Climatig
The Climatig team comprises of professionals with backgrounds in physics, geophysics, forest science, and chemistry. Since its inception in 2019, the team has grown to include six more individuals based in Zagreb, where the majority of the operations take place. The startup’s focus on scientific expertise is evident in its approach, utilizing algorithms, programming languages like Python, and geographical programs for satellite data analysis.
The name “Climatig” itself carries significance, blending the word “climate” with the letter G, which stands for geolocation, the backbone of accurately predicting climate risks.
Solution: geolocation matters
Climatig employs cutting-edge technology, utilizing climate models and satellite data to achieve a resolution up to 10 meters. This level of precision surpasses competitors, ensuring accurate risk assessments for diverse climate conditions.
Currently covering eight climate risks, including drought, wildfires, and tropical cyclones, Climatig is continually expanding its coverage. The platform is set to include spring frost and hail, addressing specific challenges in agriculture, with plans for global coverage by the end of the year.
Climatig solution
The platform enables users to input their geolocated assets, receive climate risk calculations within seconds, and explore an array of climate indices. It also offers accurate predictions up to the year 2100, covering over a century of climate risk calculations.
Alen says,
We calculate climate risk for each individual asset because every asset is connected to a specific geolocation. So far, we have made a prediction for several thousand assets.
The commitment to providing precise predictions that transcend industries, from agriculture to infrastructure, reflects a dedication to fostering resilience in the face of a changing climate. The team envisions a future where Climatig becomes a vital tool for agriculturists, offering valuable insights into climate risks that impact food production.
We definitely need the possibility to make the prediction better so the main goal is to make prediction available to everyone.
Tribe: collaborative synergy
Climatig’s relationship with Infobip Startup Tribe was forged in 2022 during the Green Future conference. Winning first place in a challenge, Climatig connected with Infobip by receiving their product credits to support future operations.
Climatig team, winning the 2022 Green Future conference
These credits played an important role after the launch of Climatig’s latest version, requiring extensive email communication for user registration and notifications. The seamless integration of Infobip’s email services supported this process, ensuring stability and reducing uncertainty, a thing that Alen highlights:
Credits came in handy, but what was more important was to set up a stable e-mail solution. We wanted to be sure that every email is transferred correctly through the network and the user gets it, and Infobip provides that for us.
Alen also expresses satisfaction with the support and documentation provided by Infobip, emphasizing the overall positive impact on Climatig’s development, already thinking about potential future integrations like SMS.
What’s next: global expansion and continuous innovation
As we turn to the future, Climatig predicts a landscape of significant climate changes. With rising temperatures and shifting weather patterns, the impact on agriculture, infrastructure, and daily life will be profound. Climatig’s mission is not just to predict these changes but to provide actionable insights for individuals and businesses to adapt and thrive in the face of a dynamically evolving climate.
Alen states,
Climate change definitely exists. The temperature will continue to rise, and by the middle/end of this century, there will be a significant change.
With plans to cover North America and East Asia and the addition of two new climate risks, the focus for 2024 is on sales, and marketing, with always active product innovation. The introduction of the Polygon feature, allowing users to assess climate risks for larger areas, showcases their commitment to anticipating the needs of its users, be they individual homeowners or large corporations.
In essence, Climatig is not just a startup; it is a testament to the intersection of technology, climate science, and a shared commitment to addressing one of the most pressing challenges of our time. It stands as a guide for others in the journey to navigate the complexities of a changing climate, and we’re proud to support them on that journey. 🤘
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