IBISA: Crop loss assessment stress test.
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- IBISA: Crop loss assessment stress...
IBISA aims to provide agriculture insurance for entrepreneurs by utilizing technology to create efficient, scalable, and transparent parametric insurance products. They use EO products and a “crow-watching” platform for loss assessment, aiming to cancel errors caused by partial information or bias.
Duration in months: 12
Problem Description
The idea to give innovative solution for loss assessment. The EOSC provided test-field ground measurements for loss assessment platform calibration and helped identify support for developing a reputation token-based incentive model for the crowd-assessment component of the loss assessment solution.
Goals
New services
Challenges
The challenge was to be able to override errors in individual assessment, caused by partial information or bias.
Innovation results
During the duration of the pilot more than 10,000 crop assessments were done using the platform. A more robust NDVI (vegetation index) was built and tested.
Business impact
IBISA uses index-based insurance models and collaborative crowd-watching to assess losses periodically, reducing costs and enhancing accuracy. The platform allows easy visualization of space imaging and datasets.