This innovative system allows the precise monitoring of agricultural fields covered by insurance using a location intelligent system.
WHAT IS IT?
GeoFarmer Insurance Smart M.App
WHAT DOES IT DO?
A cloud based application platform that will support crop insurance risk assessment, management, underwriting and reporting.The app will support both farmers and private/public crop insurance companies by;
1. Evaluating, assessing and predicting risk of a potential new client. The system that uses industry standard analytics to determine areas/zones/territories that are at a higher risk to crop fail or damage by using extensive past data to model the risk.
2. Efficient management of crop insurance claims. The platform will assist farmers submitting claims and the insurance company can directly access the claim information, customer location, claimed field area and perimeter, as well as before and after scenario analysis using satellite imagery.
3. Preventing fraudulent claims by farmers. The platform can be used to verify agricultural claims by accessing real-time satellite imagery and vegetation growth indices to prevent farmers supplement their income by logging fraudulent claims.
HOW DOES YOUR SMART M.APP SOLVE WORLD PROBLEMS?
This application will save both time and money by reducing suspected fraud, claim abuse, reduction of field visits, and the reduction of premiums for the farmer. The Smart M.App is an intelligence tool that makes the precision monitoring of insured fields simple. The bottom-line is that there is a wealth of remotely sensed data for agricultural fields, and data that has a history of 5-10 years. This application will evaluate and consolidate global satellite, weather and other spatial data into an integrated solution so that there is immediate dynamic information at hand for insurance providers to access and make informed decisions. The insurance companies will be able to integrate the Smart M.App into their risk management systems allowing for immediate forensic remote sensing to examine the growing conditions, crop health and vigour within fields, both before and after a claim. The main objective is creating a simple interface for non-technical personnel to access and understand the information pertaining to any insured area under investigation.
The system will remain current and dynamic by analysing the latest satellite images for growing conditions, which enables weekly yield predictions. Current crop conditions from real-time data will allow insurers to provide even more accurate premium rates, and even opens the potential to scale premiums in relation to the crops growth stage.