THE BEACON TOOLBOX: THE ULTIMATE SOLUTION FOR GROWING AGRICULTURAL INSURANCE BUSINESS IN THE TIMES OF COVID-19
Climate change and various emergency situations, as well as the COVID-19 pandemic, are among the challenges currently facing Agri-insurance (AgI) companies. Investing in research is a key to developing the best solutions.
The BEACON research project aims to develop a bundle of commercial tools and services for the AgI companies:
- supporting them to achieve a better risk and damage assessment within their AgI products
- enabling them to reduce the number of on-site visits for claims verification and to reduce their overall operational and administrative costs for monitoring and handling AgI contracts
- allowing them to design more accurate and personalized contracts.
BEACON, building upon state-of-the-art Earth Observation (EO), weather intelligence, ICT and Blockchain technologies, will provide insurance companies operating (or wishing to operate) in the AgI market, with robust and cost-effective tools and services to overcome serious limitations in the market.
BEACON will confidently empower AgI underwriting procedures and premium calculations, by providing access to, and analyzing EO, climate and localized meteorological data.
Using satellite-based information, coupled with weather intelligence and high-resolution weather forecast will enable an accurate damage assessment and claims adjustment along with a potential fraud detection.
Moreover BEACON, powered by Blockchain technology, will provide a Smart Contracts service, enabling an automated execution of contract clauses to insured parties, reducing administration costs and burden.
In the case of COVID-19, the BEACON Toolbox is designed to make the logistic work in the agri-insurance company more efficient, improving the staff distribution tasks through a better overview of damages that occurred.