Skymatics

Calgary, AB

Series A stage Full Build Financial » Insurance
About
We are a drone and satellite analytics firm helping insurers and farmers streamline the crop-loss claims process. Using our software and machine learning algorithms we correlate damage, adjusting info, weather and market data to improve underwriting.

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Industry
Landscape

The US has the largest crop insurance market worldwide with almost 300 million insured acres. Canada comes in next with just over 150 million acres. The US & Canada hold 50% of insured farmland across the globe, and paid out over $10 Billion in claims to farmers - this is our primary target market and we are looking to capture 1%+ of that as revenue. Worldwide the agricultural insurance industry pays claims upward of $25 Billion, and it's growing rapidly. Agricultural insurance is starting to become mandated by governments (India, China & Philippines for example), some have already started testing the use of drones and satellites to improve speed and cost-effectiveness across developing regions, but again don't have an automated solution for processing this data.

The
Problem

When natural disasters strike, farmers claim insurance for the loss of their crops. Crop insurers send out an adjuster to manually inspect the field, but the current process is slow, inefficient and inaccurate. An adjuster getting to site can take days to weeks, and once they reach the farm they only assess a minor fraction of the field by hand, extrapolating those localized results across hundreds to thousands of varied acres. This process involves a lot of time, labor and subjectivity, and can negatively affect client (farmer) cash flow. With thousands of acres per claim and millions of claims per year this presents a significant challenge for insurers. The trend now is that many insurance companies are trying to use drones to assist, but fall short on being able to understand the data received, which is where we are disrupting.

The
Solution

Skymatics is bringing data analytics to a paper and pen industry! We're launching a software as a service (SaaS) solution for insurers and farmers to assist in the crop adjusting process. This product is called SkyClaim. The SkyClaim app integrates directly into the workflow of agricultural insurers and charges a licensing fee for larger insurance clients, or a per-acre fee for individual farmers. It allows anyone with a consumer drone (no fancy equipment) to fly the damaged field automatically (no pilot needed) and then upload the imagery to the cloud. That imagery is then processed and analyzed by our proprietary algorithms and allows us to automatically classify damaged crop, quantify crop loss and generate a complete claim report all with a few simple clicks. Our system automates the majority of the tedious in-field claim validation process which will allow adjusters to process more claims faster and reduce the turnaround time. Our algorithms are based on thousands of photos we've obtained of specific crop and weather damages, and we use the latest in machine learning (object recognition) alongside spectral analysis to produce accurate information for adjusters. SkyClaim is primarily a mobile app that ties directly into Insurer API's to improve information flow, and further collects and correlates weather, crop damage and adjusting data with actual yield loss to better predict real dollar-value loss.

Business
Model

Skymatics employs a yearly licensing model for insurance companies who integrate our software into their adjusting workflow. We also charge on a per-acre basis over a custom threshold, so insurance companies can scale our services from 10,000 to 10 million acres.