Raincoat, an insurtech that creates scalable weather insurance with predictive analytics, has raised $4.5 million in seed funding to help it achieve its goal of providing weather insurance for a new era.
Raincoat develops end-to-end insurance solutions that enable financial institutions, governments, and insurers to provide immediate payments for weather events and natural disasters to small to medium-sized businesses.
The $4.5 million investment was led by leading insurtech and fintech business-focused Anthemis, while support was also received from SoftBank Group’s SB Opportunity Fund, Puerto Rican banking leader Banco Popular, Chilean financial group Consorcio, Miami-based 305 Ventures, is the first check. Opinions of the company Divergent Capital.
Raincoat is developing weather insurance solutions, all from the ground up, so that every individual’s claim can be changed immediately.
The company aims to advance parametric insurance solutions, to be personalized and real-time, while providing comprehensive information and a risk management system to find weather risks and risks.
“While fully automated insurance holds the key to ensuring that the most vulnerable people survive the most frequent weather disasters, the barriers to implementing these programs at scale are extremely difficult. Our team provides an end-to-end, efficient, well-designed solution that can be put into practice existing partners we work with, and improving their responsiveness to end users,” said Jonathan González, co-founder and CEO of Raincoat. “We bring together all of the industry and local, energy, science, data and software development to provide comprehensive insurance that covers all aspects of the life cycle.”
“Too often the world looks to vulnerable people who need help because of climate disasters,” added Ruth Foxe Blader, partner at Anthemis. “We are excited to support Raincoat’s approach to protecting the most vulnerable from disasters that are unfortunately on the rise.”
“Rain solutions can hold the key to unlocking more insurance ideas, ensuring the livelihoods of those most vulnerable to natural disasters and helping to bring emergency aid where it’s needed most,” said Chad Harris of the SB Opportunity Fund. “We are excited to support them as they continue to expand their global offering.”
Raincoat wants to partner with financial institutions and insurers to help them add climate insurance to their traditional assets, or with governments that want to eliminate inadequacies in the reimbursement of their citizens in the event of natural disasters.
The company said its products aim to, “enable a proven end-to-end climate insurance program, to help tackle global climate change and eliminate global inequality.”
Raincoat is already working with insurance companies and governments around the world, on ways to protect farmers and individuals from extreme weather.
Insurtech also has business operations in Puerto Rico, Jamaica, Mexico, and Colombia and with this new investment they intend to expand their offering globally.
Raincoat is a partner in a project we discussed recently, which saw global philanthropic giant Munich Reinsurance support an international program for smallholder farmers in Colombia.