UST and mistEO to revive climate risk managememt within financial services

By Gloria Mathias

UST, a digital transformation solutions company, and mistEO, a climate FinTech company, have announced their strategic partnership to address the pressing need for accurate, localized weather and climate risk data in the insurance and banking industries.

With climate-related risks on the rise, insurers, and banks face escalating costs due to the absence of reliable, hyper-localized projections. Through this partnership, mistEO will collaborate closely with UST to empower its insurance and banking clients across the US market with invaluable insights into weather and climate risks, specifically in the Property and casualty (P&C) and Travel Insurance segments.

With mistEO’s weather analytics and climate modelling expertise, UST aims to bridge the gap between critical data and insurance product development. By leveraging mistEO’s ability to predict localized climate events with precision, UST will be able to provide clients with accurate risk assessment models associated with climate events.

These models will enable them to make informed decisions and offer tailored insurance products that truly reflect the exposure to weather and climate-related perils, reducing underwriting uncertainty.

“This partnership marks an exciting juncture in the weather insurance and climate financing space worldwide. As climate risks continue to reshape business landscapes, there exists immense potential for innovation and adaptation. We are thrilled to join forces with UST to pioneer data-driven solutions that empower businesses to navigate these challenges effectively,” said Samuel John, Chief Executive Officer, mistEO.

“UST’s strategic partnership with mistEO highlights our longstanding commitment to leading with innovation. With our combined expertise, we will harness the power of disruptive technologies to deliver unparalleled value to our Banking, Financial Services, and Insurance clients. Furthermore, this exciting partnership allows us to provide climate decision intelligence to enhance investment management decisions, lending, and insurance underwriting, as well as provide critical data points in assessing ESG strategy and risks,” said Maureen Doyle-Spare, General Manager – Financial Services, UST.