As BEACON Toolbox is technologically backed up with the services that directly support not only 3 main insurance procedures (Risk Assessment, Damage Assessment and Contract Monitoring), but also the introduction of new (index) insurance products.

Based on such performances, BEACON consortium had a meeting and a discussion dedicated directly to all BEACON advantages, together with BEACON Lighthouse Customer – DDOR NOVI SAD from Serbia.

Namely, DDOR as a company, is interesting into introduction of novel drought index insurance product. In Serbia, currently, only one company is offering the drought insurance product and such product is still not very commercial on the market. Now, in the light of new insurance form – index insurance, the company is looking for the opportunity to introduce drought product through the BEACON pilot during the project.

The meeting between Karavias, Agroapps, InoSens and DDOR, was held in April. The first round of discussion was dedicated to the concept behind the drought index product. Thus, DDOR’s representative – Mr Lazar Bogdanović has presented the vision of the company and open the discussion related to definition of indexes within the future product.

On the other side, BEACON representatives, especially the BEACON scientific team, drew a potential sketch how the pilot can be implemented. Unfortunately, due to a coronavirus pandemic situation, all activities are re-scheduled for autumn, when the sales season for agri-insurance ends. As BEACON’s idea is based on the close co-operation and co-creation with future customers, the consortium is keen to implement the new pilot. At the same time, such new pilot can show the broader use of BEACON Toolbox – as support for introduction of novel (index based) product as well.

Cannot wait the second round of a discussion!