Pilot 14 Big Data and IoT for the Agricultural Insurance Industry
INFINITECH Pilot 14 entitled "Big Data and IoT for the Agricultural Insurance Industry" aspires to deliver a commercial service module that will enable insurance companies to exploit the untapped market potential of Agricultural Insurance (AgI), taking advantage of innovations in Earth Observation, weather intelligence & ICT technology. EO data derived by Copernicus Sentinel missions as well as by missions contributing to Copernicus will be used to develop the data products that will act as a complementary source to the information used by insurance companies to design their products & assess natural disasters. Weather intelligence based on data assimilation; numerical weather prediction & ensemble seasonal forecasting will be used to verify the occurrence of a catastrophic weather event s & to predict future perils.The resulting Agl module represents a solution with extensive applicability and scalability and it will be comprised of
- the INFINITECH Big Data agnosticism capability , which can work with information received from heterogeneous databases i.e. databases with dissimilar data formats), allowing efficient coupling of EO satellite data with any type of complementary data (from separated drone shots to ultra high resolution SAR imagery )); and
- a high scalable and powerful geoinformatics development framework, that can combine and process all datasets transf orming them into useful information for each the AgI supply chain actor (reinsurers, insurers, underwriters, damage handlers and brokers)
Pilot 14 by delivering the INFINITECH A g I module will enable Ins urance companies to alleviate the effect of weather uncertainty when estimating risk for AgI products, reduce the number of on site visits for claim verification, reduce operational & administrative costs for monitoring of insured indexes and contract handling, & design more accurate & personalized contracts.
Establishing impartial IndicesINFINITECH AgI module deriving impartial indices on top of a multitude of data , will allow insurers to reduce significantly the time needed for handling and verification of claims and the costs imposed by fraud, moral hazard and adverse selection. INFINITECH AgI module derived indices will allow and enable the industry to enlarge its marke t while delivering a larger portfolio of products at lower costs and serve areas where classical insurance products could not be delivered.
Securing a steady and long flow of accurate dataINFINITECH AgI module provision of High quality data forms the basis for reliable and sustainable Ag insurance solutions. INFINITECH AgI module will provide high quality data that fulfil AgI market demand for:
- timely and accurate data: easing claims and payment process;
- relevant and l ocation specific data: so that the AgI product offers reliable protection
- compliant to international standards
- available over a sufficiently long time horizon (time series data).
INFINITECH AgI module will become “the competitive advantage” of every AgI player and provide tangible and measurable benefits to the parties concerned and involved in AgI