CRISTA, or Making Climate Change CRISTAl Clear

The ambitious company will help insurance risk engineering stop working in the dark

CRISTA, or Making Climate Change CRISTAl Clear

Monika Manolova and Vladislav Trenkin are a success business team with a clear vision

Снимка: EconomyMagazine/Krassimir Svrakov

624 ~ 4 мин. четене
Автор: Yana Koleva

We do not pay much mind to climate change and we allow natural catastrophes such as floods, rainfall, drought, landslides to  find us unprepared. But CRISTA is already here, and climate risk can be reliably predicted. What is CRISTA…

The Power of Knowledge

CRISTA (Climate Risk Integrated System for Thematic Assessment) is an integrated platform for thematic climate risk analyzes. It is a GIS cloud-based technology that is designed as a convenient tool for the needs of investors and financial institutions, insurers and reinsurers to better manage climate risks. Based on clever use of climate data, the company develops assumptions, scenarios and probabilities that provide predictability.
The risks are assessed on a certain scale, and a clear picture is drawn on what damage would be caused by the occurrence of a negative scenario. The motto of the company is: We make climate risks CRISTAl clear. In other words, CRISTA (www.cristaplatform.net) will help you turn your knowledge into strength and competitive advantage. Its services will assist risk engineering to stop working in the dark.

Who’s Who

Vladislav Trenkin is the CEO of CRISTA and is responsible for the business processes and hardware. He’s got extensive managerial experience. He has been working in the field of Geographic Information Systems (GIS) for five years.

Monika Manolova is the CTO of CRISTA. She is an expert in data processing and data analytics, she’s skilled in data collection and processing. Parallel to the development of the company she is a GIS PhD candidate at Sofia University "St. Kliment Ohridski ".

The Beginning

In their previous professional experience, Monika and Vladislav were engaged in collecting and processing data.

At one point their accumulated experience and knowledge crystallized into a technology company. The two began from the idea that GIS is a powerful tool that should be utilized. They started looking for a market segment in which they can add value. About two years ago, they stumbled upon an accelerator programme by Cleantech Bulgaria and Climate-KIC (part of the European Institute of Innovation and Technology) where they get a flying start. Cleantech Bulgaria provides financing and mentoring to the company as well as access to an international network of partners and customers. Within the accelerator CRISTA’s initial concept undergoes a powerful evolution. Working with mentors and meetings with potential clients helps them redesign their vision of the company's development. Through Cleantech Bulgaria, the start-up company becomes a part of the Climate-KIC network, within a network of more than 350 partners from leading European corporations and universities. By being a part of the accelerator, CRISTA joins various climate change events taking place in Europe, which help them establish partnerships with similar companies in Western Europe. Although these companies have significant funding, CRISTA in some ways outpaces them with their ideas and high-quality climate data for the region. As a small company, CRISTA is flexible, versatile, full of energy for rapid growth and unburdened by the breaks that often accompany larger enterprises.

Data for the Data

Data is often freely available, but you need to know how to extract the valuable information. Unfortunately, not all the data generated by different institutions is in a handy digital format. But CRISTA knows how to do it. The company does not make weather forecasts, but analyzes how a certain change in the environment and the emergence of specific risks can lead to complex problems. "We are not meteorologists, but we work with such experts, who assist with the right focus on our approach," said Monika and Vladislav. The power of the company is that in this infinite ocean of fragmented data, CRISTA provides solutions that make data "talk" in an useful way. For instance, to be a true guideline for insurers. But the platform could also serve as an early warning instrument for more adequate actions by farmers, investors, as well as institutions.

Where Do We Go from Here

A prospective segment for CRISTA is precise agriculture for which purpose they will use drones. Another sphere of application will be smart cities.

Right now, their efforts are focused on insurance. Currently, they are developing additional datasets to the platform, containing information about different territories and allowing integration of new data to complement the overall picture and allow for more complex analytics.

CRISTA is here. And there are ambitions that it will still be here in 5 years, but having grown within neighboring countries in the Balkans. CRISTA will make climate risks less surprising as a pioneering climate adaptation tool. Using its knowledge, we will facilitate awareness of the climate risks.
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