Vision Analytics

GIS Agricultural insurance is a growing phenomenon in India. In line with the government & resolve to revamp the agriculture sector to achieve higher GDP growth, insurance companies too are chipping in with innovative products that promise to standby farmers in times of distress like floods or cyclones. Insurance companies assess the premiums and claim payout based on the agro-climatic zone, vulnerability of the crop to various disasters like floods or drought and crop yield. With the increasing competition in the insurance sector, insurance companies need to fix a proper premium and pay out claims on time, based on the crop yield of the insured. Since the weather stations are not spread all across the country, there is a general lack of meteorological data and therefore any compensation based on meteorological parameters will not be realistic. However, it is possible to assess the crop vigour of the crop using appropriate sets of satellite images during the critical stage of crop growth and correlate it with crop yield. With UAVs continuously taking images of the entire earth at different temporal and spatial resolution, there is no dearth of data for any place on the earth and therefore satellite data can be used for correlating with the expected yield for each crop types. This data, when analyzed in conjunction with administrative boundaries such as districts, Insurance blocks or at gram panchayat level in a GIS environment, can help assessing the real ground conditions prevailing in the area concerned with a relatively good accuracy and can be used for paying out compensation to the insured.

Domain: Services
Stage: Ideation