A collective approach to climate and AI risk management

Correntics and UNIQA Sustainable Business Solutions have forged a partnership to advance climate risk management and sustainability strategies for businesses. Correntics offers state-of-the-art, data-driven climate risk analytics that empower businesses to stay ahead of the growing risks posed by weather and climate extremes. Their advanced SaaS platform leverages sophisticated scenario modeling and real-time data to provide businesses across industries with the insights they need to anticipate and mitigate physical climate risks. This collaboration merges Correntics’ expertise in climate resilience with UNIQA’s strategic advisory services to offer businesses a robust framework to assess and mitigate climate risks and gain more resilience. This will help organizations meet evolving EU climate regulations while future-proofing their operations. 

Setting a new standard in AI risk management and regulatory compliance
LatticeFlow AI, which specializes in creating platforms that validate AI applications against evolving standards, such as the EU AI Act, has entered into a strategic alliance with KPMG Switzerland to accelerate AI risk assessments and compliance for enterprises. This partnership is vital in addressing the escalating concerns surrounding AI-related risks, including bias and inaccuracies. In 2024, enterprises rapidly scaled AI applications, integrating hundreds of AI models into their operations. As AI moves from pilot projects to full-scale production, the associated risks have become a top priority for businesses and regulators alike. Recent legal cases involving AI bias and inaccuracies have further highlighted the need for robust risk management. Governments worldwide are accelerating efforts to establish AI regulations and standards, yet most businesses still struggle to meet these evolving requirements. By integrating governance, business, and technical layers of AI risk management, KPMG and LatticeFlow aim to equip organizations with the tools needed to deploy AI systems confidently while ensuring adherence to regulatory frameworks, thereby enhancing trust in AI technologies.

CelsiusPro and Landbank to pilot drought risk index 
CelsiusPro has partnered with Landbank Insurance Company to pilot drought risk index insurance specifically designed for smallholder farmers in South Africa over the next two years. CelsiusPro is renowned for its innovative insurance solutions that mitigate climate-related risks, while Landbank focuses on agricultural financing and support. Index insurance products have proven to be a cost-efficient and administratively effective way to insure smallholder and semicommercial farmers. Under these solutions, claim pay-outs are triggered when an objective and pre-agreed index, such as rainfall or soil moisture levels measured over a period of time, breaches a certain threshold. Because index insurance doesn't require the services of claims assessors, it allows for the claims settlement processes to be quicker and more transparent.

The rollout of Index Insurance will begin in the third quarter of this year, with awareness and training for the livestock index product. Under the terms of the partnership, CelsiusPro will use its proprietary White Label Platform technology to develop and implement a tailored digitised solution for LBIC. This solution will automate the entire product distribution process and manage all aspects of administration—from pricing and policy management to monitoring and settlement. This initiative has been supported by grant funding from the Natural Disaster Fund, which is administered by Global Parametrics Limited, a member of the CelsiusPro Group.