We are pleased to provide this comprehensive set of weather–based analytics to our customers. We have seen an increased interest in weather–related information as the climate has grown more volatile in recent years and Storm Exchange's ability to link weather and financial performance provides the kind of actionable insight that our customers demand.
Thiago Terzi, Global Business Manager for Agriculture and Weather Products, Bloomberg.
Storm Exchange was a private ventured backed risk management company that created weather correlation models to predict the impact of weather on company performance, for example, corn yield per acre based on rainfall. These models were the basis for executing parametrically driven derivatives that at-risk companies used to mitigate loss.
HiTech built and managed the Storm Exchanges web site which published the model results, operated as an inbound marketing site, and result delivery for executed derivatives. Additionally, HiTech built customized landing pages for customers requiring beneficiary registration.
The primary Storm Exchange requirements were member based content delivery that frequently changed either manually or automatically. The content targeted financial markets which requires high availability and frequently updates. Microsoft ASP.NET was selected based on available frameworks and speed to market.
As a venture backed startup, development speed and accuracy were critical delivery criteria. Most requirements were high level and low level details were left to the development team to define. We assembled a team of experienced web developers who could incorporated requirements and fill in gaps where needed without delaying the project.
Development of the system was based on short iterations; this allowed to get quick feedbacks and keep going in right direction having in mind all the complexity of the system.
The system consisted three large parts: scientific, presentation, and data conversion, so workforce could be flexible managed.
A cosiderable amount of our effort was targeted to transition from basic functionality to a complete information company; this needed investments into both management and software. After a while the company became a full–scale information provider, able to adapt to virtually any requirements in producing valuable business information.
Storm Exchange launched within 2 months of initial project definition. The site included all required “launch” features. The site launch schedule included advance coordination with large marketing investments which required the site to launch on time.
David Riker, founder, president and CEO of Storm Exchange, chats about his weather hedging software startup.
HiTech managed the Storm Exchange site post–launch and was responsible for maintaining arduous service levels required by the financial markets.
Having fast growing service, the company needed to formalize all the client–related procedures, so developing service–level agreement was a vital part of the business.
Storm Exchange was targeted on providing business data to the most respectable consumers, so SLA must have covered all possible situations and be suitable for all the participants.
Developed SLA included definitions of measurement standards and methods, reporting process, contents and frequency, a dispute resolution process, an indemnification clause protecting the customer from third–party litigation resulting from service level breaches, and a mechanism for updating the agreement as required.
Performance is one of the key factors for the service in general and we pazd lots of attention to optimizing all the components. Data the service provided was a result of processing of enormouse amount of raw data, so optimal handling this was our job for all the time we were working with StormX.
Another factor was reliability as so many businesses were dependent on data the company provided. Given the circumstances and startup nature of the project we reached solid reliability rate having no noticeable outages for years.
Please feel free to contact us if you have any questions.