Boosting Agricultural Insurance based on Earth Observation data
Start date: 01/02/2019
Duration: 37 months
Topic: DT-SPACE-01-EO-2018-2020 – Copernicus market uptake
Total budget: EUR 2 351 700,90
The overall objective of BEACON project is to develop a commercial service package that will enable insurance companies to exploit the untapped market potential of Agricultural Insurance, taking advantage of innovations in Earth Observation, Weather Intelligence and ICT/Blockchain Technology. BEACON will enable insurance companies to alleviate the effect of weather uncertainty when estimating risk for 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.
The BEACON services will be deployed in the operational environment of more than 10 companies in the insurance sector, openly demonstrating and validating its value proposition and acceptance as a marketable commercial solution. A business model will be developed and validated using the Lean Start-up methodology, and a global roll-out of BEACON will be designed.
The project consortium consists of KARAVIAS MESITES ASFALISEON KAI SYMVOULOI ASFALISEON ANONYMI ETAIRIA, AGRO APPS I.K.E., UNIVERSIDAD POLITECNICA DE MADRID, ETHERISC GMBH, FACULTY OF CIVIL ENGINEERING (Belgrade), INOSENS DOO NOVI SAD and CREVIS SPRL.
BEACON AT A GLANCE
BEACON Commercialisation Playbook and Growth Hacking
Within BEACON, InoSens is leading the BEACON Commercialisation Playbook and Growth Hacking – responsible for post-project exploitation of the BEACON toolbox of services.
During the project lifetime InoSens will:
- Design a testable, repeatable Content and Growth Hacking Strategy to target the right market segment and customers in them, increase engagement levels and facilitate conversion towards a commercial product of value
- Collaborate extensively with key stakeholders for post project commercialization to help establish valuable market insight and increase the number of Lighthouse customers (Agricultural Insurance companies)
- Define business models for sustainable growth, and design commercialization strategy to enter new markets both across Europe and internationally