Autonomous insurance network Aigang has announced they will partner with the aerial imaging business of Skyglyph, a software company focused on optimizing risk assessment and damage measurement in agro insurance to develop a world-first proof of concept — an autonomous crop insurance product using drone image data.
Aigang, which last month started conducting a token allocation event on Bitcoin Suisse AG and which is still live has already developed a proof of concept insurance products that automatically pay out claims on IoT devices such as smartphones without the need for manual oversight or claims paperwork. Skyglyph’s crop scouting drones survey farming land, aggregating and storing the data. Then their software measures and maps pest pressure, weed infestation, disease impact, intrusion incidents, crop health, and canopy growth.
In their proof-of-concept, Aigang and Skyglyph will be able to demonstrate full automation of crop insurance and the efficiency dividend for insurers and their customers. But the impact of this collaboration is broader than autonomous claims and better management of crops.
Crop data that is collected and aggregated will inform quantitative and qualitative pattern analysis that leads to more precise risk assessments, and refined or even new insurance products. Subtle structural and environmental changes can be detected when results over time are compared.
This is a critical input for an innovative aspect of the Aigang network: prediction markets. Aigang’s model rewards insurance and business analysts for accurate predictions concerning existing and proposed insurance products — for example, their profitability and the size of the insurance pool.