DATABIO INSURANCE I
PILOT : INSURANCE
DATA – DRIVEN BIOECONOMY
LOCATION NORTH GREECE
PILOT PRODUCT DESCRIPTION
The agri-food sector is constantly exposed to major risks threatening its viability. Production risks are among the biggest concerns of the agribusiness value chain as they relate to the uncertainty about the production levels that the farmers could reach following standard farming practices. The agricultural sector is extremely vulnerable to physical hazards (e.g., floods, hail) and biological threats (e.g., pests, diseases). Thereby, insurance in the agri-food sector deals with the increasing demand for agricultural insurance products and is expected to play a vital role in the forthcoming years as a tool for risk management. However, due to its multi-parametric nature, agricultural insurance is considered a special category in the insurance product portfolio. Difficulties in obtaining enough and valuable data for damage assessment, the complex biological processes that are incorporated in the crops growth stages, and the vast variability of production according to geographical criteria, creates an environment of great uncertainty that requires new techniques and expert knowledge.
OBJETIVE OF THE PILOT
The main motivation for this pilot is:
- To raise the awareness of the farmers, farmer cooperatives and insurance companies on how new technological tools could optimize farm profitability (by insuring the agricultural products) and offer a significant advantage on a highly competitive sector.
- To promote the usage of EO-data, IoT data, etc. for better risk management and support in respect to key business processes (visual/field inspection of loss claims) that require time and extra expenses.
- To increase the technological capacity of the involved partners through a set of pilot activities that involves management of big data for high value crops.
KPIS AND METRICS
The main KPIs of the pilot are:
- %Accuracy in damage assessment.
- %Decrease in the required time for conducting an assessment.