Insurance company Adaptive Insurance introduces Ting Insights into its Grid Protect system for enhanced risk analysis and predictive services.
In a bid to improve power outage coverage for businesses, Adaptive Insurance has announced a strategic partnership with Whisker Labs, a leading innovator in AI-powered grid monitoring. The collaboration aims to introduce a new standard for business interruption insurance, one that's responsive, data-driven, and built for the realities of the modern grid [1][3].
At the heart of this partnership is Whisker Labs' Ting Insights, a network of over one million AI-enabled sensors that monitor the health of the US electrical grid. This system delivers real-time, hyper-local power outage data, enhancing Adaptive Insurance's GridProtect product [1][2][3].
GridProtect is a parametric insurance coverage for businesses that depend on power, providing rapid response to power outages lasting less than 24 hours. With the integration of Ting Insights, GridProtect can now use immediate, accurate grid data as triggers for claims, allowing for much faster and automated financial support to businesses experiencing power outages [1].
This integration offers several advantages. Ting Insights delivers real-time, actionable insights instead of relying on slower, traditional damage assessments. It enables automated parametric triggers based on actual grid disruptions, which swiftly initiate claims payouts without the need for lengthy loss verification. Moreover, it provides hyper-local granularity, meaning coverage and claims activation are closely matched to where power failures actually occur, improving fairness and accuracy [1][3].
Arik Yelovitch, CTO and Co-Founder of Adaptive, stated that the integration will deliver speedier financial support to businesses when they need it most [1]. Bob Marshall, CEO of Whisker Labs, added that Ting Insights brings clarity where it's most needed, especially during major weather events or catastrophic disruptions [1].
The partnership between Adaptive Insurance and Tokio Marine HCC (TMHCC), a leading specialty insurance group, is also focused on providing power outage coverage. The funding round for this collaboration also received investments from Montauk Climate and Generation Space (US arm of...) [1][3].
In other news, Adaptive Insurance has successfully closed a $5 million USD seed funding round, led by Congruent Ventures. The company has also launched a partnership with Renault to provide an EV hire scheme in Utrecht, with a portion of the charging fees for the scheme used to support renewable energy projects [1].
The growing frequency of extreme weather and the aging of the electrical grid have made real-time, reliable outage detection increasingly important. With the integration of Ting Insights into GridProtect, Adaptive Insurance is set to offer more responsive insurance protection that meets customer expectations for speed and reliability, especially important for technology-dependent businesses vulnerable to electricity disruptions [1][3].
Adaptive Insurance, through its partnership with Tokio Marine HCC, is also venturing into the field of specialty insurance, focusing on events that may cause power outages. With the integration of Ting Insights into its parametric insurance product, GridProtect, Adaptive Insurance can now offer motor insurance policies that provide rapid response to power outages, ensuring technology-dependent businesses have the necessary coverage during such incidents.
