Rich Sorkin: CEO & Co-founder, Jupiter Intelligence: The climate change risks that can’t be ignored (181)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 13 March 2022

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jupiter Intelligence has achieved rapid growth since its launch five years ago and is now providing analytics on the impact of climate change to insurers, governments, and corporations worldwide. CEO and Co-founder Rich Sorkin joins Matthew to discuss how his experience of extreme weather events motivated him to launch the company. Their conversation covers the products and services Jupiter offers, how clients are using its data, and why it is vital that insurers track the long-term impacts and risks they face from climate change. Talking points include: Using data to understand physical and financial portfolio risk Duration mismatch - why planning for the future matters Regulation and reporting - the impacts for insurance The lessons insurance can learn from banking Scaling at speed - building the right team and products Jupiter Intelligence was featured in the InsTech London report, Climate Change Risk Regulation and Measurement: 22 companies to know, which is available as a free download. You can also get more information about the company on the Jupiter Intelligence InsTech member profile page. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: Understand some of the long-term challenges faced by the insurance industry as a result of climate change Define duration mismatch and how important it is for insurers to factor this into business plans Identify some of the products and services available to help insurers mitigate the risks of climate change If your organisation is a member of InsTech London and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 181 page of the InsTech London website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	Good morning, good afternoon, Matthew Grant here, partner at INSEC, and your host for another episode.
0:18.5	Well, we had a very successful live face-to-face event here in
0:22.6	London on the evening of the 2nd of March, over 200 people in the room, and great to see so many
0:28.2	familiar faces again, as well as welcoming overseas visitors from Australia, US, Canada and Spain.
0:34.1	Many thanks to various for helping make that happen. Next event, 29th of March, find the details
0:39.0	on the website. Well, if you join us regularly, you'll know that many of our podcast guests and our
0:44.2	members are from outside of the UK. And in fact, if you're listening in from the UK to snack,
0:48.0	well, you are in the minority. Only 46% of you are UK listeners. Well, we may be based in London, but we are most definitely broadcasting to the world.
0:58.6	Well, climate has been a big theme for us and you two, I'm sure, and most recently our report on climate change risk measurement.
1:06.2	And the 22 companies to look out for is now on the instec website. This week I'm talking to Rich Salkin,
1:12.0	the founder and CEO of Jupiter Intelligence, one of the companies we are featuring in that report.
1:18.7	As you're here in a moment, the company has moved fast and in just four years is working with
1:22.7	some of the leading insurers, banks, governments and other corporations. Rich explains what they are doing with some
1:28.9	great case studies and reveals the secret of their rapid growth. Rich, really looking forward to
1:40.3	talking to you today. You've achieved an awful lot since you were founded back in 2017. I know you're providing analytics on the impact of climate change to insurers, but also governments, corporations and a whole lot of others. You're helping them with information on wind speed, flood depth, fire, extreme rainfall, and you're looking at this both changes across time and across multiple
2:01.6	different climate scenarios.
2:03.8	And you're also helping your clients at the individual location level, as well as portfolio,
2:09.7	looking at the individual assets in there.
2:11.6	And according to our sources of pitch book, you've raised funding of $97 million.
2:17.3	So welcome. I think it's quite early in the morning for you97 million. So welcome.
2:18.1	I think it's quite early in the morning for you, Rich.
2:19.5	So thank you for getting up early to join us.
	...

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