Anthony Willmott, founder and CEO of DAS, emphasised the tool's potential to prevent premium leakage, reduce errors in policy issuance, minimise fraud, and expedite claims processing. He highlighted Australia's suitability as a test case for using geospatial data to enhance the viability of crop insurance without the need for subsidies. DAS plans to scale this solution globally, aiming to benefit both insurers seeking to decrease loss ratios and costs, and producers desiring competitive insurance rates for their land.
Since its launch five years ago, DAS's Rural Intelligence Platform has attracted over 140 customers, including IAG, the Australian Bureau of Statistics, and Cargill. The platform offers comprehensive data on locations, climate, productivity, sustainability, risk, and carbon, providing the intelligence needed to insure, lend, invest, and sell more effectively.
For Australian farmers, this advancement signifies a move towards more accurate and efficient crop insurance policies. By integrating advanced technologies, DAS aims to address longstanding challenges in the industry, offering a win-win solution for both insurers and producers.
