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Risk Management& Weather Insurance 2016: IOT set to impact the sector in a ‘Big’ way
Highlights
Big Data analysis has become a crucial part of business planning in the recent times. Gathering extensive information through innovative technological means and analyzing it has enabled companies and governments to not only operate efficiently but build sustainable strategies for the future.
Big Data analysis has become a crucial part of business planning in the recent times. Gathering extensive information through innovative technological means and analyzing it has enabled companies and governments to not only operate efficiently but build sustainable strategies for the future.
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The ability to combine and calculate data has given corporations the ability to gain valuable insights about different aspects which impact profitability of ventures. Big Data has proved instrumental in spurring sectors such as Agricultural Insurance and Risk Management. Companies can now analyze data and implement more sustainable strategies thus minimizing risks.
Weather Insurance and risk management has come as a boon to agriculture in India. The Agricultural sector employs the largest share of India’s workforce but has seen its GDP share deplete gradually in recent times (17% as of 2014). Sustainable weather insurance schemes and damage control planning in case of blights and droughts have helped both farmers in fieldsand brands in markets achieve a more risk free and viable environment. Manufacturers like PEPSICO and Bayer Inc. have been able to collaborate with farmers in order to tackle agricultural hazards and increase yield of their raw material resources. Risk management firms through big data analytics have been able to provide security against unforeseenclimatological based risks for corporations. They help farmers improve soil quality, revive from natural disasters, and gain adequate knowledge and resources for a better produce.
Ushering in of big data analytics in India has now been made easier through the very affordable cloud storage services initiated byglobal tech giants like IBM, Microsoft and Amazon. Storage of data in cloud is a convenient way to make collection, access and analysis of big data across sectors a reality in India.
The advent of the Internet of Things has taken technological collaboration and information sharing to the next level. A large network of hardware that can efficiently capture and share information has made researches much easier and thorough than ever before. IOT broadly refers to a network of multiple devices that share info through a cloud based application. An IOT framework has been established by globally acclaimed IT giant IBMwhich has made big data analytics much more efficient and commercially viable.
This technological advancement hasfacilitated implementation of big data a reality across different sectors in the country. Another positive innovation witnessed in the field comesin the form of some very hi-tech and complicated microprocessorsplatforms established by international vendors like Raspberry that have made available easy integration of IOT network with a cloud based storage. With the accessibility to a cloud based internet of things platform, gathering information on climatic changes, upcoming weather phenomenon, tracking rains, improving soil quality as well as comfortably assisting farmers at the grass root level has become faster and more successful than ever before.
Smart IT services like, land surveying, remote sensing and GPS tracking has enabled corporations to aim for better produce and has helped insurance companies better assess situations. Big data analytics has been instrumental in helping more than 500,000 farmers across the country to efficiently deal with natural calamities. It has also enabled a surge in crop insurance across the country, taking the weather insurance sector for Rs. 300 Crore to Rs. 5000 Crore in less than 10 years. This trend is set to continue and with IOT and cloud based storage the sector is projected to show a rapid growth in both harvest and financial sustainability.
Firms like Weather Risk Management Services Ltd.(WRL) have been able to put these technological innovations in place and design strategies in collaboration with both government entities like SIDBI and Ministry of Agriculture and private corporations to better safeguard businesses. Research companies like WRL provide crucial data to assess ongoing and upcoming situations as well as integrate their technological prowess with big companies.
Mr. SonuAgrawal, Founder and MD, Weather Risk Management Services Ltd. (WRL) says, “Services like surveying and big data analytics enable risk management firms to initiate services like weather insurance, projecting and improving operations and results, as well as inventing and implementing path breaking technologies like weather stations, and GPS based tracking to improve efficiency. Big data analytics gives the exposure to a sophisticated remote sensing and analytical capabilities with which we closely able to monitor and quickly interpret data to determine weather and climate risk exposure”.
With such expertise and added ‘big data’ enabled prowess, weather insurance and risk management has greatly improved the industry scenarios in the recent times. Steps taken by technological pioneers like IBM and Microsoft to make big data analytics more achievable at a global scale will not only make sectors stable, it is likely to improve the condition of millions involved in agriculture around the country.
With the help ofresourceful platforms for IOT, the process of integration of big data analytics in business planning is set to significantly improve operations and performance across sectors leading to increased sustainability. Researches have projected this trend to continue to restructure business approach in different sectors in 2016, making IOT a reality in India.
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