Great to see Seraphim's portfolio company PlanetWatchers gaining momentum in the Crop Insurance Industry by working with AgriSompo, one of the largest crop insurance providers in the world. This follows their win with ProAg, another leading crop insurance company, as well as contracts with the Environmental Protection Agency (EPA) and the World Bank on environmental monitoring this year.
Crop insurance provides critical risk management for farmers by protecting the price and yield associated with their production. Farms depend on weather conditions and price for their crops, both are beyond the farmer's control. A storm, a drought or a flood can wipe out a farmer's entire investment, sometimes in a single day.
PlanetWatchers provides powerful crop insurance tools by offering automated crop monitoring services using advanced machine learning and Synthetic Aperture Radar (SAR) satellite data. Their SAR data analytics deliver insights day and night and under all weather conditions, at scale, even through clouds and fog. Having timely and independent insights about the type of crop, planting dates, crop damage, harvest dates, and other key performance metrics can help drive significant cost savings for crop insurance providers. Automated policy data capture and analysis also help improve safety, loss prevention through early detection of problems, and increase speed of claims payout, which leads to higher customer satisfaction.
We are pleased to announce that PlanetWatchers will be supporting AgriSompo North America by capturing and analyzing policy and claims data. This will allow for increased accuracy and efficiency, leading to enhanced customer service. PlanetWatchers will automate the analysis of synthetic aperture radar (#SAR) data to provide a wide range of services that have been designed specifically for the crop insurance sector. PlanetWatchers CEO Dominic Edmunds commented: ‘We are delighted to be working alongside one of the largest providers of crop insurance in the USA. AgriSompo has embraced the benefits that our technology can bring to their business and we are proud to be on this journey together.’