Raincoat
Raincoat is a Puerto Rico-based insurtech operating a parametric insurance platform that delivers automated climate disaster payouts to governments, financial institutions, farmers, and small businesses across Latin America and select global markets.
- Company typePrivate
- Founded2020
- HeadquartersSan Juan, Puerto Rico
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Raincoat does
Raincoat is a Puerto Rico-headquartered insurtech founded in 2020 that operates a parametric insurance technology platform designed to deliver automated, rapid payouts for climate-related natural disasters. The platform combines proprietary environmental data models, real-time data processing, satellite and IoT sensor integration, and AI-driven trigger calibration to activate coverage when predetermined climate thresholds are met, bypassing traditional indemnity-based claims assessment. Raincoat positions its offering as an "operating system" that bridges insurance providers, reinsurers, distribution partners, and end-users through embedded distribution infrastructure and direct beneficiary delivery.
The company serves four primary customer segments: governments and public sector agencies seeking financial resilience tools for vulnerable populations, financial institutions and reinsurers embedding climate products into existing channels, farmers and agricultural operations requiring climate risk protection, and small businesses exposed to natural disaster disruption. Revenue is generated through parametric insurance premiums and platform or technology licensing to carriers and distribution partners, with pricing structured around custom B2B partnerships rather than standardized tiers. Geographic footprint spans Puerto Rico, Colombia, Mexico, Brazil, and Japan, supported by strategic reinsurance backing from Munich Re and distribution relationships with regional banks including Banco Popular.
Raincoat firmographics
Firmographics- Name
- Raincoat
- Legal name
- Raincoat
- Website
- https://raincoat.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Raincoat is a Puerto Rico-based insurtech operating a parametric insurance platform that delivers automated climate disaster payouts to governments, financial institutions, farmers, and small businesses across Latin America and select global markets.
- Ownership category
- akta.pro rank
Raincoat industry classification
Industry- Product category
- Parametric Climate Insurance Technology
- NAICS
- Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512)
- SIC
- Industrial Instruments For Measurement, Display, And Control (3823)
- akta.pro primary industry
- Early Warning, Event Monitoring & Forecasting (Extreme Weather Alerts, Nowcasting) (EUABALAJ)
- akta.pro secondary industries
- Flood Insurance (FSAJACAG), Real-Time Monitoring & Smart Stormwater (Sensors, SCADA/IoT, RTC) (EUANAEAK)
Keywords
Where Raincoat is headquartered
LocationHeadquarters
- HQ city
- San Juan
- HQ country
- Puerto Rico
- HQ region
- Latin America
Offices1 record
Markets served
Raincoat business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Parametric Insurance Premiums: Raincoat generates revenue through parametric insurance products that provide automated payouts when predetermined climate events occur. The company works with governments and financial institutions to deliver coverage and aims to improve payout speed for natural disasters.
- Platform/Technology Licensing: Revenue generated from providing parametric insurance infrastructure to insurance companies, reinsurers, and distribution partners who embed Raincoat's technology.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels3 records
Raincoat product offering
Product offeringCore offering
Raincoat builds and operates a parametric climate insurance technology platform that uses real-time environmental data and predefined climate triggers (such as hurricane wind speed or flood thresholds) to automatically activate insurance payouts. The platform bridges insurance providers, reinsurers, distribution partners, and end-users, and is deployed via partnerships with governments, financial institutions, and reinsurers across Latin America and other regions.
Product overview
Raincoat offers a single unified climate parametric insurance platform that provides end-to-end climate disaster protection. The core platform combines science and models for environmental data interpretation, real-time data processing for rapid coverage activation, advanced reporting capabilities, embedded distribution channels, automated IT infrastructure, and direct beneficiary delivery. This integrated approach enables governments, financial institutions, reinsurers, and distributors to offer climate resilience products with swift parametric payouts when predetermined climate events occur.
Differentiator
Problem solved
Functional benefit
Products and services
- Climate Parametric Insurance Platform An operating system bridging insurance providers, reinsurers, distributors, and end-users that delivers automated, parametric insurance solutions for natural disasters. The platform combines environmental data models, real-time data processing, parametric triggers, satellite/AI/IoT integration, advanced reporting, and embedded distribution infrastructure to enable rapid climate-triggered payouts. It is sold and deployed to governments, financial institutions, insurers, and reinsurers through partnerships.
Quantifiable outcome
- Faster insurance payouts compared to traditional indemnity insurance that can take years to settle claims
- +1 more outcomes
Companies that use Raincoat
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
Raincoat technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability3 records
Feature6 records
Raincoat partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Munich RecoreRaincoat is involved in a partnership supported by Munich Re for flood insurance in Colombia. Munich Re's backing provides reinsurance expertise and credibility for Raincoat's parametric insurance products in Latin America.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
Raincoat competitors and assessment
Company assessmentDirect peers
- Arbol: Arbol is a direct competitor offering parametric weather and climate risk insurance products for agriculture, energy, and supply chains. Both companies use data-driven triggers to deliver rapid payouts, and both serve similar institutional and government clients.
- Descartes Underwriting: Descartes Underwriting is a Paris-based parametric insurance specialist covering natural catastrophes including flood, hurricane, and earthquake. It targets similar corporates, governments, and insurers and competes head-to-head in embedded parametric distribution.
- FloodFlash: FloodFlash offers parametric commercial flood insurance in the UK and other markets with trigger-based rapid payouts. It shares Raincoat's core value proposition of automated flood payouts tied to measurable environmental triggers.
Broad incumbents
- Munich Re: Munich Re is one of the world's largest reinsurers and a partner of Raincoat for Colombia flood insurance. It also runs its own parametric initiatives and could either scale with Raincoat or build competing capabilities internally.
- Swiss Re: Swiss Re is a global reinsurance incumbent that offers parametric solutions and insurance-linked securities. It competes broadly with Raincoat's reinsurance-backed parametric model while also serving as potential capacity partner.
- Lemonade: Lemonade is a public insurtech using AI-driven underwriting for consumer lines. While focused on retail rather than parametric climate, it represents the broader insurtech category Raincoat operates in and may expand into parametric offerings.
Emerging players
- Hippo Insurance: Hippo is a tech-enabled homeowners insurtech with climate-smart home protection. It overlaps with Raincoat on climate-resilience use cases for consumers and small businesses and represents a relevant benchmark for insurtech scale and go-to-market.
- Coalition: Coalition is a cyber-focused insurtech using data and technology to underwrite specialty risk. It is relevant as a comparable specialty insurtech building technology-driven distribution and risk analytics outside traditional insurance channels.
- Kettle: Kettle is a reinsurance/insurtech using AI and satellite data to price climate and wildfire risk. It overlaps with Raincoat in applying advanced environmental data and modeling to specialty insurance and reinsurance products.
Others
- Tomorrow.io: Tomorrow.io is a weather intelligence and climate data platform serving enterprise and government clients. It is adjacent infrastructure that Raincoat's environmental models rely on, and a potential partner or competitor in parametric trigger data.
Market position
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Raincoat social profiles
Digital presenceRaincoat financial estimates
Financial estimateRevenue estimate
Valuation estimate
Raincoat leadership team
Management profileNumber of profiles
Profiles3 records
Raincoat funding detail
Funding detailFunding overview
Funding rounds5 records
Investors17 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Raincoat M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Raincoat
What does Raincoat do?
Raincoat builds and operates a parametric climate insurance technology platform that uses real-time environmental data and predefined climate triggers (such as hurricane wind speed or flood thresholds) to automatically activate insurance payouts. The platform bridges insurance providers, reinsurers, distribution partners, and end-users, and is deployed via partnerships with governments, financial institutions, and reinsurers across Latin America and other regions.
Is Raincoat a public or private company?
Raincoat is a private company. It is classified as venture growth investor backed and is currently operating.
When was Raincoat founded?
Raincoat was founded in 2020. It employs 11 to 50 people.
Where is Raincoat based?
Raincoat is headquartered in San Juan, Puerto Rico, in the Latin America region.
How does Raincoat make money?
Two revenue lines are on record. Parametric Insurance Premiums are the primary driver. The others are platform/Technology Licensing.
Who are Raincoat's main competitors?
Direct peers on record are Arbol, Descartes Underwriting and FloodFlash. Broad incumbents are Munich Re, Swiss Re and Lemonade. Emerging players are Hippo Insurance, Coalition and Kettle. Tomorrow.io is listed as an others.
Does Raincoat have an API?
No public API is recorded for Raincoat.
What industry is Raincoat in?
Raincoat's product category is Parametric Climate Insurance Technology. Its primary akta.pro industry code is EUABALAJ, Early Warning, Event Monitoring & Forecasting (Extreme Weather Alerts, Nowcasting), with a secondary code of FSAJACAG, Flood Insurance. Its NAICS code is 334512 and its SIC code is 3823.