Praedicat, the world’s first liability catastrophe modeling company, announced the launch of its flagship software product, CoMeta on Tuesday.
CoMeta delivers commercially-relevant analytics for underwriting and capital management to property and casualty insurers via cloud-based software.
Praedicat’s risk analytics are built on metadata created through text-based data mining of peer-reviewed science.
“Traditionally, insurers rely on claims data, which is looking backward,” said Robert Reville, CEO of Praedicat, in a statement. “CoMeta uses big data technology to help our clients look forward, scalably translating the text of millions of peer-reviewed articles into data our clients can use to write casualty insurance and reinsurance sustainably and profitably.”
“CoMeta represents a new and innovative approach to risk modeling, a field that has been criticized for being a black box,” said James A. Thomson, Praedicat’s chairman. “Praedicat’s big data technology generates enormous amounts of risk information. CoMeta provides direct access to the data and transparency into the modeling parameters. Our motto is ‘No black box,’ ” he said in a statement announcing the launch.
Praedicat also announced that it has raised an additional $4 million of funding from its original investors to support continued growth and development.
Original investors include the RAND Corporation, RMS and angel investors, all of whom participated in the new funding round.
Based in Culver City, Calif., Praedicat is a spin-off of the RAND Corporation and RMS and was launched in March, 2012.