Providing innovative index insurance in the agricultural market with earth observation data 

Our customers and partners include leaders and innovators across the public and private sectors, including long-established and instantly familiar names, up-and-coming firms at the cutting edge of their fields, and numerous companies that have realized the tangible value of having a better, more contextualized, and more up-to-date understanding of the world around them.

As we count down the days until the scheduled launches of the EarthDaily Constellation (“EDC”), we are shining a spotlight on some of those who recognize the benefit of working with EarthDaily Analytics in unlocking the game-changing power of Everywhere Everyday and an end-to-end, purpose-built AI-driven data platform.

Today’s Channel Partner in the Spotlight: 

With 50,000 employees spread across more than 120 countries, London-based Aon has a truly global presence as a leading provider of risk management, insurance and reinsurance brokerage, human resources solutions, and outsourcing services. In an increasingly volatile world, Aon sees itself as existing in order to shape decisions for the better — to protect and enrich the lives of people around the world.

The Challenge: 

Operating against an increasingly complex and fluid economic, social, and geopolitical backdrop, Aon relies upon data, analytics, and insights in order to be better informed, better advised, and capable of making better decisions. Building on its success in traditional indemnity insurance, Aon recognizes the ever-greater importance of accurate, insightful, and up-to-date data as it looks to be a first mover in the bold new world of parametric insurance. 

With a parametric insurance model, objective and measurable parameters of insurance coverage are established. When, for example, a precipitation threshold is breached during a flood event in an agricultural area, an accurate assessment of impact on crop yield, verification, and pay-out can be made far more rapidly and cost-effectively than in a traditional context, even while providing for a higher level of claim verification. By the same token, this increased dependence upon high-quality, high-accuracy, high-frequency data means that all parties involved must be comfortable with the collection, processing, and interpretation of the underlying data.

In assessing the opportunities and challenges for entering the exciting but still relatively new field of parametric insurance, the selection of an Earth Observation partner with the necessary credibility, capability, and knowledge is a crucial hurdle. For similar reasons, the nascent field of parametric insurance has faced challenges in connecting insurers with the reinsurance industry.

How EDA is the Solution: 

With a decades-long track record of providing value-added EO data, insights, and analytics to the largest and most innovative players in the global insurance industry, EarthDaily Analytics is ideally positioned to partner with Aon in the development of a cutting-edge, next-generation parametric insurance offering. EDA’s ready access to the high-quality EO data most relevant to the monitoring and evaluation of large-scale insurable properties such as those in the agricultural sector, paired with the EDA team’s deep familiarity with the application of EO data and insights to resolve specific challenges facing insurers and reinsurers, provides the crucial and unique mix of credibility, capability, and knowledge that makes such an endeavor viable.

Moreover, with the launch of the EarthDaily Constellation in 2025, EDA’s EO collection and processing capabilities will be radically advanced, providing EDA’s customers and partners with an unmatched quality, frequency, and breadth of coverage spanning all of the world’s land masses and relevant maritime areas. Crucially for application in the field of parametric insurance, the EDC’s daily revisit at the same time and angle will provide insurers with the ability to utilize an ever-expanding historical archive of the planet for purposes of both forward-looking risk assessment and backward-looking claim verification. By pairing the best of big data analytics technology with an EO constellation purpose-built for AI applications, EDA is changing the game in the insurance sector and beyond. 

Are you interested in getting in on the ground floor of the Earth Observation revolution that is the EarthDaily Constellation? Learn More