Insurtech Setoo is working with Campings.com to provide weather insurance to customers. The service will use data from Meteomatics to enable the insurer to notify campers of forecast rain 72 hours in advance of their stay, allowing them to cancel their trip and be automatically compensated without a claims process. “Insurance companies are increasingly using big data, machine learning and artificial intelligence (AI) technologies for predictive risk assessment,” said Rob McQueen, CEO of Insuretech.
Insurtech Setoo is working with Campings.com to provide weather insurance to customers. The service will use data from Meteomatics to enable the insurer to notify campers of forecast rain 72 hours in advance of their stay, allowing them to cancel their trip and be automatically compensated without a claims process. Setoo's model uses AI and machine learning to determine pricing in real time, allowing for bespoke premiums to be calculated for each policy according to weather predictions.