We are excited to launch Influunt. Our mission is to provide global water risk insight to insurance, governments, and asset owners.
Water risks such as floods and droughts are the second-highest loss generating climate hazards. Every year, more than 500 million people are impacted by floods and droughts globally, causing more than 90 billion US dollars worth of damages. Only 30% of these damages are insured or covered in any fashion. These losses will double in the next 30 years as the climate crisis accelerates.
Over the last few months, we have spoken with dozens of experts and industry leaders from the re/insurance industry, disaster response, and recovery agencies, and large asset owners like utility companies, private equity firms, and logistics companies. We found a consistent theme across these conversations. It is challenging to find accurate water risk insight that can help make critical business decisions.
Our mission is to close the coverage gap and reduce the impact of water risk by providing accurate water risk insight to insurance companies, government, and asset owners globally.
With accurate water risk insight,
Understanding water risk at a global scale is a complex challenge involving remote sensing, hydrology, climate science, and risk engineering. Water risk, like many other climate risks, is a macro and micro challenge. Changing climate at the global scale has location-specific micro impacts. To understand the local impact, we need to understand global and regional changes. This dynamic makes water risk a geospatial problem, and this is where we are starting at Influunt. We are leveraging decades of satellite data to detect past floods and droughts. We aim to combine this information with hydrodynamic models, climate models, and other geographic and financial information to generate the planet's most comprehensive water risk insight.
Dr. Michael Seitz joins me in this incredible mission. I have a decade of experience working as a Product Manager, and Solution Architect with ML and AI startups focused on industrial optimization problems. I have a master's degree in Aerospace Engineering, where my research was in Computational Fluid Dynamics. Michael has a Ph.D. in Computer Science and a Master's in Statistics. His research was focused on Dynamical Systems and its application in risk analytics. He has worked in the software industry as a Data Engineer and Data Scientist.
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