ACTAEON – Built with the Industry for the Industry
Start-up of the Month: ACTAEON
Agricultural insurance (AgI), although a fast-growing sector, is suffering from low penetration and consistent underwriting losses due to factors ranging from high administrative costs to adverse selection.
To address those sectoral issues, AgroApps is offering ACTAEON, a robust and cost-effective toolbox that allows insurance companies to alleviate the effect of weather uncertainty when estimating risk for AgI products, reduce the number of on-site visits for claim verification, reduce operational and administrative costs for contract monitoring/handling, and enable them to design more accurate and personalised contracts.
To deliver ACTAEON, AgroApps uses
- EO Copernicus data and data derived from missions contributing to Copernicus to provide actionable information to the insurance companies to efficiently design their products and assess natural disasters
- In-house climate services, integrating data assimilation, numerical weather prediction and ensemble seasonal forecasting, to verify the occurrence of catastrophic weather events and predict future dangers
ACTAEON ingenuity lies in in its core characteristics:
- Data agnosticism
- Modular services
- Big data-ready
- Mechanistic crop growth models for annual crops
that ensure global applicability and scalability.
AgroApps is currently evaluating ACTAEON with a group of leading insurance actors and has an open “Lighthouse customers” process for any agriculture insurance actor that wishes to participate.