Understory, a company solving the coverage crisis with parametric insurance for severe weather, has been awarded ‘AgTech Insurance Solution of the Year’ by AgTech Breakthrough, a leading market intelligence company. Climate-vulnerable businesses around the world rely on Understory’s parametric insurance for financial protection from hail and frost damage.
Prior to Understory, the vast majority of economic losses caused by severe weather were uninsured. This protection gap was only growing worse, leaving countless livelihoods exposed.
The traditional insurers lack the tools to accurately assess and price this growing risk. Without knowing what to expect, they expect the worst and either pass along unaffordable premiums, or walk away from high-risk markets.
With its growing network of ground-based Dot weather sensors and its Atmospheric Intelligence AI, Understory can assess and price any weather risk in the world with precision.
Understory’s one-of-a-kind solution is bringing about a paradigm shift in the crop insurance industry.Bryan Vaughn, Managing Director of AgTech Breakthrough Awards.
Understory detects severe weather strikes and triggers a payout without the typical, burdensome claims process. This allows capital to quickly flow where it’s needed after a disaster, protecting everything from automobiles to the world’s food supply.
Understory, founded in 2012, is headquartered in Madison, Wisconsin, with team members across North America and Europe. It has raised more than $24.5m capital and employs a strong committed team of 25 employees. Understory’s mission is to protect vulnerable businesses from the financial impact of climate change.
About AgTech Breakthrough:
AgTech Breakthrough is a leading market intelligence organization that recognises individuals, companies, and organizations involved in producing agricultural technology related products, solutions, and services. AgTech Breakthrough winners receive well-deserved industry recognition and third-party validation from an independent organization.