Onboarding, Monitoring & claim management: Remote sensing solutions and digitization in agricultural finance
This webinar session will allow panelists to discuss how precision agriculture technologies can be used to improve visibility through the crop season.
Agricultural insurers in remote areas are often faced with stark choices with regard to onboarding of farmers, monitoring the season’s progress and conducting claim assessments. Scalable registration of numerous farmers as well as physical inspections take significant time and resources, and the quality of information can vary greatly depending on an individual loss adjuster. Physical interactions tend to be impractical for smallholder crop insurance, and sometimes difficult to justify even for larger commercial farms. Usually, insurers have insufficient visibility into the fields until the claim occurs, and there are substantial costs associated with fraud or other data quality issues driven by moral hazard aspects.
Digital tools enable the collection of field data with precise time and location, improving quality of risk and exposure characteristics. The loss adjustment process can be systemized via an electronic form, and with a structured database, any irregular inspection pattern can be easily detected. Insurers can give an option for their customers to digitally report compliance data or make claims via a mobile application, further simplifying the process and limiting costs. To complement ground data, satellite-based remote sensing data can give indications of crop health status and production risk and can benchmark one season to the next or one grower to another. Panelists will explain how it helps identify growers and areas with potential issues and optimize physical inspection processes accordingly.
Based on such data, panelists will also show how insurance companies can specify routes and tasks and improve the quality and consistency of loss adjustment practices.
Rom AVIV has jointed Agritask in early 2020 as Managing Director – Head of Insurance, to lead the insurance business with high emphasis on developing countries and scalability for the smallholder farmer operations. Rom has nearly 12 years of experience in the global Insurance-Linked Securities (ILS), (Re)insurance and Structured Financial Products segments with a focus on natural disaster risk financing. Rom earned a PhD in Financial Mathematics from ETH Zurich, Switzerland.
Einav GOLD is the Insurance Product Director at Agritask. She leads all insurance product design and development processes, combining technological expertise and industry know-how, in order to ensure successful deployment and value-add for customers. Since joining Agritask in 2018, she has led many digital transformation projects for agricultural stakeholders in seven countries, with high emphasis on crop insurance in Africa and Latin America. Einav has an MA in Environmental Studies from Tel Aviv University and a BA in Accounting from Universidad de Buenos Aires.