Reask, a natural catastrophe modelling company headquartered in Sydney, has secured a coveted spot on CB Insights’ prestigious list of the top 50 most promising insurtech startups worldwide.
The New York-based research team selected Reask from a competitive pool of over 2000 startups, acknowledging the firm’s innovative application of artificial intelligence (AI) to interpret and predict extreme weather conditions across the globe.
In June, Reask successfully raised an impressive US¢6.55 million ($9.96 million) in investment funding, further solidifying its position as a leading player in the insurtech arena. The firm’s expertise lies in risk data analysis, utilizing AI algorithms to provide high-resolution weather risk analytics and forecasts. By integrating data from various climate sources, Reask delivers dynamic and forward-looking representations of atmospheric risk, especially focusing on tropical cyclones.
According to CB Insights, the selection criteria for the coveted list encompassed several key factors, including R&D activity, business partnerships, investor profiles, news sentiment analysis, competitive landscape, and team strength. Among the decisive qualities that earned Reask its spot were its technological innovation and significant market potential.
The company’s unique approach to weather catastrophe forecasting has drawn the attention of major insurers and asset managers. Reask’s solutions offer critical insights and intelligence, addressing the need for more accurate weather predictions in a field that traditionally relied on static historical statistics.
Key players in the insurance industry, such as Axa, Swiss Re, and a prominent big four accounting firm, have already become early adopters of Reask’s groundbreaking technology.
Reask joins an illustrious lineup of global insurtech companies on the list, including Sydney-based Cover Genius, which was founded in the same city. CB Insights highlighted that the list aims to celebrate innovators transforming the insurance landscape, revolutionizing how people access, purchase, and utilize insurance products.
Other notable firms featured on the list include Silicon Valley-based Clara Analytics, a leading provider of AI technology for optimizing personal injury claims. Clara recently announced an exclusive partnership with Opex Consultants, expanding its reach to Australia and New Zealand. Additionally, FRISS, a Utrecht-based IA member, has made the cut, with esteemed customers such as Allianz, Aon, and Mapfre relying on its advanced technology to combat insurance fraud.
The list also includes Socotra, based in San Francisco with offices in Sydney and London, catering to renowned clients like Axa, Nationwide, and IAG.
The recognition from CB Insights underscores Reask’s growing prominence as a major player in the global insurtech landscape, propelling the firm to the forefront of innovation in risk analysis and extreme weather forecasting.
