Redefining agricultural insurance tools

Aurel Constantin 24/01/2022 | 12:45

Following three years of implementation and two years of pilot iterations, as well as the validation of Pilot Data and Operational Data Products, the BEACON project is successfully reaching its end.

 

Results showed that BEACON toolbox managed to achieve in terms of service uptime and thus significantly reducing the Agricultural Insurance (AgI) process cycle-time, especially for contracts that covered calamities such as frost, flood, fire, and windstorms, minimizing the evaluation and the compensation / reimbursement time of a farmer to a week. For insured parcels under hail, BEACON toolbox offered a more accurate evaluation of damage under 40 days following the extreme event, bringing again time savings, even of less extent. On average it is estimated that the achieved AgI Process cycle-time decrease varies between 70% to 95%.

Similarly, the automation achieved within the AgI companies level reached more than 90% and could be increased further where the BEACON toolbox integrates directly with already utilized ERP and SAP systems. Automation among actors of the AgI supply chain was also piloted, and fully realized, achieving a 100% acceptance of data rate and information availability.

The BEACON Toolbox is ready to offer the AgI customers a list of clear benefits:

  1. Seamless contract monitoring through better contract overview;
  2. More accurate climatology and forecast dynamic statistics that assist underwriting and damage prevention in general;
  3. Better cost optimization gained through higher operational efficiency:
    • better distribution of employees
    • prioritization of in-field visits based on an accurate overview of damaged parcels
    • information about the damage before clients;
  4. Improved trust and transparency among AgI supply chain actors by enabling the quick uptake of blockchain and through smart contracts handling;
  5. Higher consistency of the whole AgI business pipeline.

BEACON’s final message to its target AgI customers, through a now validated and proved definite value proposition, is that its toolbox couples leading earth observation technology with weather intelligence, and blockchain technology delivering cost-efficient and actionable insights for the agri-insurance industry, representing the end-to-end solution for AgI users.

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