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Boosting Agricultural Insurance based on Earth Observation data

Objective

To objective of the BEACON project is to develop a commercial service package that will enable insurance companies to exploit the untapped market potential of Agricultural Insurance, taking advantage of innovations in Earth Observation, weather intelligence and ICT / blockchain technology. BEACON will enable insurance companies to alleviate the effect of weather uncertainty when estimating risk for Agricultural Insurance products, reduce the number of on-site visits for claim verification, reduce operational and administrative costs for monitoring of insured indexes and contract handling, and design more accurate and personalized contracts. Through an early warning service they will be able to inform their customers (farmers) for potential crop risks related with weather conditions, and advise them to take all the necessary actions to mitigate the impact of weather in their crops. 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 and assess natural disasters. Weather intelligence based on data assimilation, numerical weather prediction and ensemble seasonal forecasting will be used to verify the occurrence of a catastrophic weather event and to predict future perils. ICT / blockchain technology will be used for the smart contract service, to provide insurance companies with an automated method for paying out damages to insured parties. The BEACON services will be deployed in the operational environment of more than 10 companies in the insurance sector, openly demonstrating and validating its value proposition and acceptance as a marketable commercial solution. A business model will be developed and validated using the Lean Start-up methodology, and a global roll-out of BEACON will be designed.

Field of science

  • /social sciences/economics and business/business and management/commerce
  • /social sciences/sociology/governance/crisis management
  • /natural sciences/earth and related environmental sciences/physical geography/natural disaster
  • /agricultural sciences/agriculture, forestry, and fisheries/agriculture/plant breeding/crops

Call for proposal

H2020-SPACE-2018
See other projects for this call

Funding Scheme

IA - Innovation action

Coordinator

KARAVIAS MESITES ASFALISEON KAI SYMVOULOI ASFALISEON ANONYMI ETAIRIA
Address
Evripiodu 12
10559 Athina
Greece
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
EU contribution
€ 501 603,13

Participants (6)

AGRO APPS I.K.E.
Greece
EU contribution
€ 378 437,50
Address
Them Sofouli 54 56
54655 Thessaloniki
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
UNIVERSIDAD POLITECNICA DE MADRID
Spain
EU contribution
€ 180 000
Address
Calle Ramiro De Maeztu 7 Edificio Rectorado
28040 Madrid
Activity type
Higher or Secondary Education Establishments
ETHERISC GMBH
Germany
EU contribution
€ 158 375
Address
Zeller Weg 35A
82057 Icking
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
FACULTY OF CIVIL ENGINEERING
Serbia
EU contribution
€ 110 750
Address
Bulevar Kralja Aleksandra 73
11000 Belgrade
Activity type
Higher or Secondary Education Establishments
INOSENS DOO NOVI SAD
Serbia
EU contribution
€ 170 625
Address
Sonje Marinkovic 18/1/3
21000 Novi Sad
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
ETAM ANONYMH ETAIREIA SYMBOYLEYTIKON KAI MELETHTIKON YPIRESION
Greece
EU contribution
€ 233 625
Address
Odos G Papandreou 5
71306 Irakleio
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)