Swiss Re has partnered with VanderSat to develop a range of agricultural insurance products by leveraging the latter's satellite-based technology. The company is also working on an innovative crop protection system that uses satellite imagery and data analytics for risk assessment in order to identify areas at high risk. The partnership will see Swiss Re expand into parametric insurance products where payout is not dependent on 100% crop loss. Swiss Re has suggested that they are looking to utilise the technology to bring coverage to uninsured farmers in developing markets.
Swiss Re has partnered with VanderSat to develop a range of agricultural insurance products by leveraging the latter's satellite-based technology. VanderSat deploys a range of microwave sensors and data analytics, as opposed to more typical imagery analysis, to allow farmers to access daily feedback on soil moisture and temperature. The partnership will see Swiss Re expand into parametric insurance products where payout is not dependent on 100% crop loss. Swiss Re has suggested that they are looking to utilise the technology to bring coverage to uninsured farmers in developing markets.