Monsanto’s Climate Corporation sells crop insurance and proposes data services for yield optimization

Country: Singapore climate
Year: 2012

  • Provide better services: an insurance company could invest in or partner with data specialized start ups to gather data, better know customers and push products.
  • Customer oriented: an insurance company would better address its insurees’ needs by offering additional services to the basic insurance policy (simplification of policy selection, quick claim processing…).
  • A vertical app: an insurance company could be inspired by Monsanto to imagine a vertical app.

Concept

  • The Climate Corporation aims to help farmers around the world protect and improve their farming operations with software and hardware. 640 Labs uses analytics, mobile technology and cloud computing to help farmers capture and store data for the company using machine learning to predict drought, heavy rains or other adverse weather conditions.
  • The Climate Corporation sold its crop insurance business
to Amtrust Financial Services Inc. This agreement also provides AmTrust insurees with exclusive access to certain apps and technologies of The Climate Corporation that can be applied to the crop insurance industry.
  • The company was purchased by Monsanto in 2013 for $930 million to deepen its push into big data.

Consumer Benefits

  • Advanced farming: use of technology and digital tools designed to work together with Climate Corp. The user is alerted to potential areas of yield damage and Is contacted within 24 hours of filing a claim.
  • Predictive: anticipate weather patterns and future rainfall.

How to use

  • To subscribe to crop insurances, the user goes to the Amtrustag website and can ask to be called back by an agent.
  • With the Climate Basic app, farmers can easily identify historical and predicted rainfall, crop growth stage, using current and future radar.
  • This integrated capability simplifies policy selection, makes reporting easy and allows for quick claims processing.
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