The BEACON Horizon 2020 research project aspires to deliver a blockchain-fueled toolbox that couples Earth Observation (EO) technology with weather intelligence to deliver cost-efficient and actionable insights for the agri-insurance industry.
BEACON started a year ago and currently all work-packages are in full operation. The project supported by the EU Research and Innovation programme HORIZON 2020.
Over the past 12 months the project team worked on identifying the requirements and needs of actors in the Agricultural Insurance (AgI) sector and on processing modules that will operationally produce the earth observation products and meteorological data, to drive the BEACON services.
BEACON services are to enable the Agricultural Insurance sector to alleviate the effect of weather uncertainty when estimating risk of 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 personalised contracts.
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The first operational BEACON toolbox is by now available and the Alpha stage of the pilot plan along with insurance partners and further AgI stakeholders is about to start.
Alongside with BEACON partners, 16 lighthouse customers (first users) are on board the project, focusing on co-creating a perfect-fit solution for the Agricultural Insurance sector, easy to be integrated and customised to daily tasks and operational procedures.