Crop Yield Monitoring for Crop Insurance

Crop Yield Forecasts for Crop Insurance

Introduction

According to Wikipedia, multi-peril crop insurance protects against crop yield losses by allowing participating producers to insure a certain percentage of historical crop production.  As a result of the year to year production variations, losses in corn, soybeans, and winter wheat represent a risk to private crop insurance providers.

CropProphet is a digital information service providing corn, soybean, and winter wheat yield and production estimates for the United States.   The service predicts the end of season yield and production released by the USDA National Agricultural Statistics Service (NASS) at the US county level.   The models underlying the yield and production forecasts are separate and distinct for both yield and production, and this means that our production forecasts are not simply our yield forecasts multiplied by an estimate of harvested acres.  CropProphet quantifies the impact that weather conditions have on corn, soybean, and winter wheat yield and production.

Monitor Crop Yield Risk

While a multi-peril crop insurance product covers quite a few risks, weather is clearly a key component of what may cause a crop production shortfall in any given year.   CropProphet enables users to quantify the impact weather is having on the three primary crops.   We don’t provide a weather forecast, we predict crop yield and production based on the impact weather has on them.  CropProphet is available as a web-based service.   Consider the following product characteristics.  CropProphet:

  • Monitors and forecasts yield and production development during the crop season at the county level. It allows users to pinpoint the locations of the MPCI policies written with the detailed analytics provided by CropProphet to better understand if mid-season risks are materializing
  • Makes attractive maps – communication mid-season regarding any unexpected risks that may be materializing is easier to discuss with a map based analysis.

Deviation From Trend Map

  •  Provides useful analytics – analytics such as the yield and production deviation from the prior year, deviation from trend, and 5% and 95% percentile yield analyses allow Crop Insurance companies to deeply analyze risks in the portfolio.
  • Enables FTP access to a wide range of data – automated data acquisition saves time and enables improved analysis and application development.  We even reformat and provide NASS data, making it easy to access.

We believe that CropProphet has other unique characteristics.

CropProphet is available for a free one week trial.   Request a trial today!

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