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| Description of business process
Product Development is a complex of activities that insurer undertake to develop and introduce a new insurance product on the market. Product development activities include:
Challenges
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Policy pricing is about defining product’s insurance premium rate. It highly depends on the frequency and severity of the risk occurrence on a certain territory affecting the crops targeted for insurance. Quantitative information on regional particularities, e.g. historic frequency/severity of weather events, defining various risk zones, effects of natural terrain, elevation and other factors, can be derived through EO data. Image Removed
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