Finance in Focus: How predictive weather data is transforming the insurance industry
Did you know that businesses incurred costs of more than half a trillion dollars in 2014 because of normal weather events—in the United States alone? Moreover, did you know that The Weather Company’s app is the fourth most used in the United States, handling 26 billion inquiries daily? There may be a lot we don’t know about weather in business, but this installment of the Finance in Focus podcast series is here to help. Tune into this discussion between IBM insurance expert Kim Minor and Andy Rice of The Weather Company to learn about the transformative role of weather prediction in insurance.
This podcast will answer central questions about weather in business, among them the following:
- What role can weather play in differentiating an insurance company from its competitors?
- What is the value of weather data in the insurance industry?
- How is weather data transforming the insurance industry?
- How are insurers proactively addressing weather events and catastrophes?
Join us during this podcast for answers to these and other timely questions about the interplay between weather and business. For further information on how weather insights can help insurers manage risk and drive client value, read the IBM Institute for Business Value study conducted in association with The Weather Company, Cloudy with a Chance of Mishap.
This week’s host
Kim Minor, insurance analytics marketing, IBM
In her role as worldwide industry marketing manager for insurance at IBM, Kim Minor handles marketing insurance software solutions with a special focus on big data. Her 14 years of insurance industry experience have included work in market development and insights, solutions development, services consulting and business processing outsourcing management. Kim holds a business degree from Purdue University and brings additional financial analysis and merger and acquisition expertise acquired through work with Eli Lilly and Company, the Timken Company and the Cleveland Clinic.
This week’s guest
Andy Rice joined WSI Corporation in 2012 when it acquired Weather Central, for whom he served as chief product officer. As vice president of products and analytics at WSI, Andy is responsible for product management, technological innovation, brand strategy and strategic partnerships. He focuses primarily on weather business intelligence products aimed at global energy trading, insurance, and electric utilities.
In 15 years as a meteorologist, Andy Rice has played many roles in the weather solutions industry, working in sales, customer development and data science. Before joining Weather Central, he served as a weather producer at CBS 3 in Philadelphia. Mr. Rice holds a degree in environmental studies from Lewis and Clark College in Portland, Oregon.