The BEACON project aims to develop a bundle of commercial tools and services for the Agricultural Insurance (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; and 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 several limitations in the AgI market and sector. It 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 it will enable a more 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 admin costs and burden. An enhanced – remote and in real time contract monitoring will be ensured.
An early alert system for potential crop risk, relate to weather conditions, will enable AgI companies to timely inform and advice their customers about all necessary actions to mitigate the impact of in their crops.
ETAM SA has undertaken the implementation of all communication actions throughout the project, as well as the dissemination of results.
For more information, please visit the BEACON website and follow the Project’s social media .