Boosting agricultural insurance based on earth observation data

The BEACON project aspires to deliver a blockchain-fueled toolbox that couples cutting edge Earth Observation (EO) technology with weather intelligence to deliver cost-efficient and actionable insights for the agri-insurance industry. The BEACON solution will enable insurance companies to exploit the untapped market potential of Agricultural Insurance (AgI), while contributing to the redefinition of existing AgI products and services.

BEACON will provide a ready-to-market commercial toolbox of services, co-designed and co-created with AgI providers, fit to address their sectoral needs. In particular, BEACON will provide insurance companies with a robust and cost-efficient set of services allowing them to alleviate the effect of weather uncertainty when estimating risk of AgI products; reduce the number of on-site visits for claim verification; reduce operational and administrative costs for monitoring of insured indexes and contract handling.

Drawing up EO, meteorological and agro-geological data, BEACON will provide services and products coupled with ICT and blockchain technology guaranteeing a high usability and functionality of the delivered services package, as well as paving the way for their market acceptance and uptake.

BEACON services

  • the Crop Monitoring, which uses crop growth models, along with EO and weather data and provides crop profiling and monitoring data together with yield estimations;
  • the Damage Assessment Calculator, which supports AgI companies in better accurately assess and calculate damages for proceeding with indemnity payouts of claims;
  • the Anti-fraud Inspector, which allows AgI to automatically check the legitimacy of a claim submitted and to remotely (using EO imagery) follow and verify adherence to certain contractual articles established during underwriting.
  • the Damage Prevention/Prognosis – Early Warning, which provides forecasted weather events alerts to AgI providers enabling them to push notifications and predefined mitigation measures to their customers.

The BEACON Horizon 2020 project started a year ago and currently all work-packages are in full operation by the project consortium which is: Karavias Underwriting Agency (Greece), Agroapps PC (Greece), Universidad Politecnica de Madrid (Spain), Etherisc GMBH (Germany), University of Belgrade Faculty of Civil Engineering (Serbia), Inosens Doo Novi Sad (Serbia) και Εtam ΑΕ (Greece).

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