- One Concern is selected as one of 12 global winners among 2,600 companies.
- One Concern enters Zurich Innovation Championship Accelerator phase to enhance risk selection and pricing insights with digital twin technology.
Menlo Park, CA, May 4, 2022 – One Concern, a climate resilience technology company, is one of the top 12 companies out of more than 2,600 applications to enter an intensive three-month Zurich Innovation Championship Accelerator phase. During this time, Zurich and One Concern will explore whether digital twin technology, and One Concern Domino™, can power value-added risk mitigation services for Zurich North America customers.
“We’re excited to collaborate with Zurich on climate resilience solutions that can help the insurance industry combat the increasing exposure to dependency risk associated with extreme weather and climate change,” said Ahmad Wani, CEO and Co-Founder, One Concern. “By looking at climate-related dependency risks like power outages and transportation infrastructure downtown, we can help Zurich advance creative solutions to minimize climate-related impacts.”
One Concern’s predictive machine learning models narrow the information gap by providing future-looking building and portfolio data and integrating physical and dependency risks, painting a more comprehensive picture of climate risk. This solves an increasingly urgent problem in the insurance space and leads to enhanced risk engineering, resilience augmented underwriting and pricing of risks, accelerating the adoption of parametric insurance at scale, and novel approaches to accumulation and capital allocation.
“We are excited to dive deeper into collaboration with One Concern, which truly represents the spirit of innovation,” said Neeren Chauhan, Head of Strategy, Innovation & Business Development for Zurich North America. “Over the next three months, we will take an agile approach to jointly explore the value of their proposed solutions as we continue to seek new ways to unlock additional value for our customers.”
One Concern has built the first U.S. digital twin-based platform designed to help the financial services industry understand the external climate-related risks that impede business operability and resilience. Using data-centric machine learning, the technology identifies and maps the ripple effects of perils across the U.S.’ power, transportation, and community infrastructure.
About One Concern
One Concern, a climate resilience technology company, enables organizations to focus on adaptation and resilience strategies by using newly developed resilience analytics for supporting risk selection, mitigation, pricing and risk management. Applying machine learning and state-of-the-art resilience modeling, One Concern helps organizations better understand and prepare for physical climate risks to make disasters less disastrous. A 2019 Technology Pioneer, One Concern is part of the World Economic Forum’s Global Innovators community. More information: www.oneneconcern.com
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