Periodic Reporting for period 3 - BEACON (Boosting Agricultural Insurance based on Earth Observation data)
Berichtszeitraum: 2021-02-01 bis 2022-01-31
The main outcomes of this process are that BEACON managed to increase the accuracy of the risk assessment by 60% and achieve a 100% acceptance of data rate and information availability. Regarding the AgI process cycle-time, it is clearly stated that the BEACON toolbox could offer a significant reduction of the cycle-time, especially for contracts that covered calamities such as frost, flood, fire and windstorms, where the AgI actors could now complete the evaluation and the compensation of a farmer within a week (compared to 1-3 and 6 months that was the traditionally needed period). For the insured parcels under hail, BEACON offered a more accurate evaluation of damage under 40 days following the extreme weather event, bringing again time savings, even of less extent. On average it is estimated that the achieved AgI Process cycle-time decrease varies between 95% to 70%. Similarly, the automation achieved within the AgI companies level reached more than 90% and could be increased further where the BEACON toolbox integrates directly with already utilized ERP and SAP systems.
In overall, BEACON offers 9 products (Health monitoring, Crop yield estimation, Burned crop area detection, Standing water-flood detection, Drought assessment, Biomass estimation, Real-time and Historical Climate Data, Weather forecasts/ Weather Risk Probability, Seasonal Yield Prediction), formatting the core elements of the BEACON toolbox; those services included: Crop monitoring, Damage Assessment Calculator, Damage Prevention/ Prognosis, Early warning system, Weather forecast, Parcel Anti-Fraud Inspector, Blockchain/Smart Contracts.
• advances the inclusion of EO satellites within the AgI processes by delivering a solution that eases the adoption of EO data, maximizing the use of derived added value services without the hassle of previous implementations;
• develops a fully automated operational processing chain for EO data including download, preprocessing, standardized EO based product generation and storage that provides efficient information supply to both added value services and final users;
• adopts a smart contract and blockchain technology which will low the operational and administrative costs by transforming traditional processes to automated ones.