Farmers Edge has announced the creation of DigiAg Risk Management Inc., a subsidiary of Farmers Edge. This new unit will provide farmers across Canada with parametric insurance products, risk transfer solutions, and group benefits, the company says.
DigiAg is the sole managing general agency (MGA) with access to proprietary, field-centric datasets coming directly from broadacre farms, including satellite imagery, on-farm weather events, predictive crop models, acreage reports, and more.
The company will work alongside insurers, vendors, and partners to distribute a suite of farmer-focused solutions. Aligning with Acturis (an insurance technology provider) and Wawanesa Life, DigiAg will be focused on expanding access to coverage and delivering a streamlined insurance experience to Canadian farmers.
Farmers can expect to see new parametric products and insurance solutions available for the 2022 and 2023 growing seasons, including canola heat blast yield protection and a group benefits plan designed for farm families and their employees.
Typically, group benefits plans are built for one employer with several full-time employees, often excluding many farms. DigiAg will provide coverage — including dental, vision, prescription drugs, and paramedical services — for both full-time and seasonal employees.
“We understand how hard farmers work to feed the world and make the planet more sustainable for all of us, and we’re committed to doing everything we can to provide them with more opportunities to succeed,” says Wade Barnes, CEO and founder of Farmers Edge.
“With the launch of DigiAg, we’re able to bring new solutions for farmers to mitigate risk across their operation, protect their employees, and build a legacy for future generations to continue farming. At the same time, we can support the advancement of the insurance industry, help insurers establish deeper connectivity with farms, and enable the creation of new parametric insurance models and risk transfer solutions,” he says.