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Advanced Data Science Strengthening Farm Insurance Innovation for Specialty Crops

As federal crop insurance options for specialty and organize crops expand and grow, so too should agricultural data science and analytics capabilities for government agencies and for private sector service and coverage providers. Per the USDA last October, from 1990 to 2022, liabilities for insured specialty crops rose from $1B to over $23B while, since 2003, the number of individual specialty crops insured under crop insurance programs increased by 27%. There are over 70 individual specialty crops insured under crop insurance programs, yet that number should to hundreds.

 

Amongst the USDA’s 2024 innovations offered will be its Quality Loss Option feature as extended to several initial specialty crops, with the RMA/FCIC planning to extend crop scope this year after further review.” Said review, along with the wider program, should invite AI/ML-based innovators to augment both means of crop data contextualization alongside actuarial methods. This would improve policy economics while educating smaller farmers about the full scope of evolving benefits.     



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