Understory Honored as AgTech Insurance Solution of the Year
Understory, a leading provider of parametric insurance for severe weather risks, has been awarded ‘AgTech Insurance Solution of the Year’ by AgTech Breakthrough, a leading market intelligence company.
The AgTech Breakthrough Awards program recognizes the top companies, technologies and products in the global agricultural technology market. This year’s program attracted more than 1,750 nominations from 15 different countries. Understory was recognized for transforming agricultural insurance with its parametric hail insurance product, which is powered by the company’s global network of innovative Dot weather sensors.
Since 2005, the vast majority of economic losses caused by severe weather were uninsured, according to a recent analysis by Aon. As climate change accelerates, this protection gap is only growing worse. No industry is more vulnerable than agriculture, leaving countless livelihoods at risk and in need of new insurance solutions.
With its growing, global network of ground-based Dot weather sensors, Understory can assess and price any weather risk in the world with precision. The Dot weather sensor is the most accurate, maintenance-free and fraud-proof weather sensor that can be affordably deployed. After accumulating an unrivaled database of severe weather events, Understory launched its first parametric hail insurance product for the U.S. retail automotive market in November 2019. The company plans to offer parallel products with expanded perils to the agricultural market later this year.
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