Parametrics.ag develops a risk management system that utilizes satellite data and advanced weather modeling to provide canola farmers with hyper-local coverage against yield loss due to excessive heat. Their Canola Heat Cover product automatically triggers claims when heat impacts crop yield, eliminating the need for paperwork and ensuring farmers receive timely compensation.
Funding
Funding not disclosed
Founders
Product
Problem
Canola farmers face significant financial losses due to excessive heat during critical growth stages, leading to reduced yields. Traditional insurance models often lack the granularity and speed to effectively compensate farmers for these localized heat-related damages, requiring extensive paperwork and loss verification.
Solution
Parametrics.ag offers a data-driven risk management solution that provides canola farmers with hyper-local coverage against yield loss caused by excessive heat. Their Canola Heat Cover product utilizes satellite data and advanced weather modeling to monitor heat blast risk at the farm level. When heat conditions negatively impact crop yield, claims are automatically triggered, ensuring farmers receive timely compensation without the need for manual claims submission or proof of loss. This parametric insurance approach provides transparent and efficient protection against a previously uninsurable risk.
Target Audience
The primary target audience is canola farmers seeking protection against yield loss due to excessive heat, particularly those in regions with a high risk of heat blast.
Features
- Hyper-local risk assessment using satellite data and weather modeling specific to the farm's location
- Automatic claim triggers based on excess heat events impacting crop yield
- No requirement for paperwork, loss verification, or adjusters
- Risk assessment powered by 40 years of historical weather data and farm yield models
- Customizable coverage options based on location, peril, crop, and resolution
- Data visualization portals for farmers to monitor risk and coverage