Development of Innovative Risk Management Tool – Agricultural Risk Metrics Platform
Abstract
Agriculture in Croatia is greatly threatened by multiple risks, including market, value chain, price and institutional risks, but for a great part also climate change risks. Due to climate change impact on the characteristics of weather extreme events, farmers are suffering more frequently from the consequences of crop losses. Currently, there is an information gap to properly respond to these increasing risks with adaptation measures. Farmers need to gain the information they require in an understandable and practice-oriented way.
The paper describes the entrepreneurial process of developing cloud-based software that provides a holistic view of natural risks, their impact on agricultural yield, and risk management. The process encompasses start-ups tools like business model canvas, workshops with stakeholders (farmers, agribusiness managers, policy makers and researchers) and surveys. The ultimate goal is the development of cost-effective service but highly suited to enable farmers to turn their agricultural enterprise into a data-driven business that can adapt more quickly and efficiently to climate risks.
Agricultural Risk Metrics is a tool primarily developed by Genillard&Co for the purpose of the insurance industry. The University of Zagreb Faculty of Agriculture teamed up with Genillard&Co, for the development of Agriculture Risk Metrics (ARM) for farmers. The project, funded by EIT Climate KIC, finished by the end of 2021.
The ARM for Farmers’ project results will contribute to more efficient decision-making on the farm level. The use in research and policy analysis will be possible too. The Agricultural Risk Metrics have been designed to help the user to self-visualize the available climate risk data into intuitive graphs, diagrams and maps, thereby allowing any inexperienced or unskilled user to understand the information relevant to her. By making farmers aware of and giving them access to decision-enabling information about one of the greatest risks threatening their sustainability, this project will contribute to making the agricultural sector in Croatia Climate Smart.
The paper describes the entrepreneurial process of developing cloud-based software that provides a holistic view of natural risks, their impact on agricultural yield, and risk management. The process encompasses start-ups tools like business model canvas, workshops with stakeholders (farmers, agribusiness managers, policy makers and researchers) and surveys. The ultimate goal is the development of cost-effective service but highly suited to enable farmers to turn their agricultural enterprise into a data-driven business that can adapt more quickly and efficiently to climate risks.
Agricultural Risk Metrics is a tool primarily developed by Genillard&Co for the purpose of the insurance industry. The University of Zagreb Faculty of Agriculture teamed up with Genillard&Co, for the development of Agriculture Risk Metrics (ARM) for farmers. The project, funded by EIT Climate KIC, finished by the end of 2021.
The ARM for Farmers’ project results will contribute to more efficient decision-making on the farm level. The use in research and policy analysis will be possible too. The Agricultural Risk Metrics have been designed to help the user to self-visualize the available climate risk data into intuitive graphs, diagrams and maps, thereby allowing any inexperienced or unskilled user to understand the information relevant to her. By making farmers aware of and giving them access to decision-enabling information about one of the greatest risks threatening their sustainability, this project will contribute to making the agricultural sector in Croatia Climate Smart.
Full Text:
PDFDOI: https://doi.org/10.18461/pfsd.2022.2212
ISSN 2194-511X
This work is licensed under a Creative Commons License