Banking / Finance

India too may learn from US weather insurance firm ClimateCorp’s model

Last week, the American chemicals and biotech giant Monsanto announced that it would acquire a company called the Climate Corporation for $930 million. Given Monsanto’s controversial image in India, some people may have assumed that an outfit with a name like that would likely be a nefarious plan to achieve world domination by controlling the weather like the villain of a superhero film. Nothing of the sort.
ClimateCorp is actually a very interesting company which straddles an intersection between technology and retail financial services in an innovative way. Moreover, its approach holds an important lesson for us in India. ClimateCorp is a provider of weather insurance. However, it does so in a retail, online, productised and data-driven way.

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