IAG Ventures has invested in CSIRO-backed Digital Agriculture Services (DAS) remote-powered Agri risk and insurance assessment.
The investment will allow the partners to assess on-farm physical risk remotely.
IAG and DAS, in the first phase of partnership, will provide Australian rural property owners with access to a free risk report that outlines bushfire and climate risks.
This will help farmers better understand and prepare for natural disasters.
Established in 2017, DAS is an Australian rural technology start-up that caters to the growing need for AI-powered rural, Agri and climate risk intelligence solutions.
These solutions will cater to farmers, lenders, insurers, commodity traders and rural suppliers.
DAS co-founder and CEO Anthony Wilmott said: “The technology has advanced to the point where it’s now possible to say what the risk is for this particular rural property, farm or portfolio, from anywhere in the world.
“IAG is also going to help DAS to develop out a Rural Insurance Hub in our product, which will be something that could benefit rural insurers and farmers across the world.”
IAG is said to be the largest agribusiness insurer in Australia that offers insurance under its NRMA Insurance, CGU and WFI brands.
Its latest investment will help its farmer customers understand and mitigate their farm property risk by using new data and location insights from satellite imagery.
IAG Ventures director Scott Gunther said: “Combining DAS data, geospatial imaging, analytics and AI machine learning with IAG’s Agri insurance knowledge will also provide the potential to reinvent insurance for Australian farmers.
“In partnership with DAS we will be able to empower Agri customers with data and insights about their property and assets to help them better understand and prepare for risk.”