Farmers Edge and Global Ag Risk Solutions (Global Ag) have announced a “strategic alignment” that will see the companies offer a unique option for crop insurance.
Mutual customers of Farmers Edge and Global Ag, in both Canada and the U.S., will have access to new options and services, including customized insurance products and Farmers Edge precision digital tools. These tools automatically collect, integrate, and process data from multiple field-centric sources into one platform, FarmCommand, giving farmers deep insights to make “advanced management decisions and measure results,” the company says.
Earlier in 2018 Farmers Edge announced their entry into crop insurance with underwriter PartnerRE.
The companies say that those looking to use their individual data and experience to better match coverage and achieve lower premiums than traditional models will be the ideal customers for this offer.
“Farmers who utilize Farmers Edge precision digital tools will be able to provide Global Ag with a rich data set to develop products that are tailor-made. No two farms are alike so why should their premiums or coverage be?” says Wade Barnes, CEO of Farmers Edge.
Rather than waiting to receive a seeded acreage report weeks after a crop has been planted, an insurance company could receive that information in real-time, he notes. Premiums or coverage could be customized based on reporting throughout the growing season, whether it’s vegetative growth data via satellite imagery or extreme weather information collected by in-field weather stations. By communicating relevant data in real-time to an insurer, costs can be cut from the current approach to insurance, says Barnes.
“We have not seen innovation in the crop insurance industry since the early 1980s,” says Grant Kosior, president and CEO of Global Ag Risk Solutions. “Volatile prices for inputs and commodities make it difficult to predict farm revenue from year to year. Global Ag is reshaping the crop insurance world by providing quotes tailored to a farm’s past financial records. We will have access to the data we need to speed up our claims and underwriting process the day after farmers complete harvest and shut their combines off.”