AI-powered data analytics product suite now available to agriculture insurers and lenders

Ceres Imaging has released its Risk Solutions product suite, designed to power the next generation of risk models for insurers and lenders. The new product takes advantage of Ceres’ finely tuned data models—refined by more than 11 billion individual plant-level measurements and more than 40 crop types—and is used to streamline underwriting, improve claims responsiveness, and respond to risk in near-real time.

Risk Solutions by Ceres is validated by more than a decade of research and development and more than 30 university research partnerships.  The product is now available globally to agricultural lenders, insurers, and reinsurers after successful early commercial partnerships with leading agriculture insurance providers (AIPs) and major agriculture lenders.

Above, portfolio insights from Ceres helps customers measure and visualize risk exposure considering factors such as emergence, crop health, or harvest. In this example, a corn field is viewed through the map-based interface, and is ranked as high-risk (red) because plant emergence was detected well after the final planting date.  

According to a recent McKinsey report, shifting pressures are leading agricultural businesses to  adopt data analytics solutions, “to optimize their returns and minimize their financial risk.”

Risk Solutions by Ceres helps insurers and lenders focus on things that can be controlled—such as precise farm data, near real-time responsiveness to in field health conditions, and targeted intervention recommendations to protect yield and profitability. 

Specific features within the product suite include:

• Portfolio insights: Near real-time insights and portfolio management solutions that rank and visualize risk exposure—such as emergence risk, crop type risk, or harvest risk. 
•  Crop inventories: Automated measurements of past and present key farm characteristics, such as plant counts and planted acreage, used for pre-application inspection reports, during underwriting, and in determinations for claims processing. 
• Crop productivity forecasts: Timely, localized data to forecast potential payouts in season, adjust risk models, and make time-sensitive changes in season to protect yield.  
• Damage reporting: Peril-specific damage assessment reports for perils including hail, wind, frost, and flood damage. 
• Plant-Level Insights: Insights on portfolio performance down to the individual plant level. This enhanced precision unlocks the ability to quantify changes and surface risk.

“While the increasingly visible effects of climate change do pose daunting obstacles to lenders and carriers operating in the agricultural space, our data provides efficiency savings at every stage of the business cycle: from product innovation and policy writing to crop monitoring and regulatory compliance,” said Ceres Imaging CEO Ramsey Masri.