The Earth Observation Best Practice for Agro-Insurance (EO4I) project brings together both sectors to find out more about Agro-Insurance needs and inform agricultural insurers about current and future EO capabilities. Within this scope, three opportunities can be defined:
Opportunity 1: Currently available EO technology that is known to be suitable for addressing particular agricultural insurance requirements.
Opportunity 2: Currently available, but unrecognized EO capabilities that could give enhanced performance to the agricultural insurance sector.
Opportunity 3: EO technology, not currently available, which could solve future agricultural insurance needs and challenges.
To find out about the needs and capabilities, the project involves key industry partners from the Agro-Insurance sector: The Austrian Hail, Swiss Hail and Vereinigte Hail together forming the ASV working group. Several surveys, workshops and user meetings will lead to a best practice roadmap and guidelines for the use of EO data by the agro-insurance sector.
The following four “business processes” shall be considered when developing EO best practices guidelines:
- Policy Pricing
- Underwriting
- Loss assessment
- Claim management
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