Data Drives Customized Crop Insurance Plans
Farmers Edge and Global Ag Risk Solutions (Global Ag) recently announced a partnership. It will combine Farmers Edge’s field-centric data with Global Ag’s customized insurance products to allow farmers to manage and increase profit, while decreasing risk.
“We have not seen innovation in the crop insurance industry since the early 1980s,” said Grant Kosior, president and CEO of Global Ag Risk Solutions. “Volatile prices for inputs and commodities make it difficult to predict farm revenue year to year. Global Ag is reshaping the crop insurance world by providing quotes tailored to a farm’s past financial records.”
The partnership provides users with ways to protect their assets based on a predictable annual revenue stream including input costs, plus an additional margin. For example, if input costs go up, so does coverage.
“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?” said Wade Barnes, CEO of Canada-based Farmers Edge.
“We’ve revolutionized the way farmers utilize their data to enhance and showcase their productivity and profitability. The next logical step is for farmers to take their data, which is now backed by a unique insurance product, to their bank and use it as a tool to get access to more capital at better terms,” Barnes adds. “There has never been more risk in farming; the partnership between Farmers Edge and Global Ag Risk Solutions will protect and arm farmers against that risk. There is no other industry more ripe for disruption than the crop insurance and financial services industry.”
Mutual customers of Farmers Edge and Global Ag will have access to exclusive options and services—including Farmers Edge precision digital tools and custom insurance products. The tools collect, integrate and process data in FarmCommand.
The companies will cross market each other’s products and work together to develop new, customized insurance products.
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