nir-vana innovation network

The Italian company is specialized on climate services, analysis of climate data and creation of instruments for identifying risks and managing decision-making processes related to climate variability and climate change. Analysis includes the processing of data from climate models, satellites and weather stations, the design of tailored climate indices and the identification of appropriate risk modelling approaches.
The company has developed a ground-breaking, AI-powered software as a service (SaaS) that exploits the best available science data to help Insurance and Reinsurance companies (IRCs) adapt their strategies to the Earth's changing climate. It offers a comprehensive portfolio of climate services based on cutting-edge proprietary methodologies, that translate raw climate and socio-economic data into actionable knowledge for climate risk management. It provides a one-stop, easy-to-use, fast and cost-effective solution to seamlessly access multiple databases, transform this data into thorough and ready-to- use information on climate risk, and in particular to quantify the forecasted variations in frequency of extreme events. As such, the software aligns with the European Green Deal, that states "It will be important to ensure that across the EU, investors, insurers, businesses, cities and citizens are able to access data and to develop instruments to integrate climate change into their risk management practices."
The Italian company is looking for partners for financial agreements to further develop the technology and to reach new markets. In addition, the company is interested in commercial agreements with technical assistance. In this case, the potential partner should need climate information and forecasts in order to plan their own business and productions.
The fields in which the services can be used are different:
first of all, Energy and Agriculture. Nevertheless, the touristic sector, the commodities market, the water management sector, the insurance design and the industrial production are other relevant fields in which the climatic information at 6 months/5 years can be profitably used for planning and manage the business.

Advantages & innovations

In four of the last five years, Insurance and Reinsurance companies (IRCs) registered record losses linked to climate-related disasters, for a total of about €320bn. This is because the strategy commonly adopted by IRCs for climate risk assessment has become obsolete. In the climate- change era, the assumption of a constant frequency of extreme events is fundamentally wrong, as this is rising at an unsettling speed. The company provides specific expertise in modelling extreme climate events in a changing climate; it communicates results in a clear way by translating the language of physics, mathematics and statistics into concise reports, infographics and simple videos that can be understood by non-scientists and decision makers. The company is able to embed new algorithms and methodologies into hardware-software combinations for Earth observation, environmental modelling/monitoring, risk alert and data mining. The digital tools are tailored on client needs and designed with simple and intuitive digital interfaces for users. The company designs and defines weather index insurance packages and builds new climate indices that cluster together multiple indicators. After provision, it offers to clients hand-in-hand support to exploit the full potential of its solutions making sure that the products and services will not be underused, misused and eventually break down.

Stage of development

Already on the market

Partner sought

The company is looking for new partners interested to invest in climate adaptation measures (Financial agreements). The purpose is to further the development of some aspects of the products and to have financial resource to expand its business in new markets. The proposed services are based on the state-of-the-art scientific finding in the field of climate analysis and climate forecast. The stage of the product is very mature and the company, indeed, is currently providing several clients with tailored climate services (International organization, National states, private investment funds and international Insurance companies). Furthermore the company is interested to find a partner for commercial agreements with tecnical assistance. The partner sought should be active in sectors in which the climatic information at 6 months/5 years can be profitably used for planning and manage the business (Energy and agriculture, touristic sector, commodities market, water management sector, insurance design and the industrial production) The company will provide the partner with ad-hoc innovative solutions for climate risk management to challenge the threats posed by climate change.