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Farmers Edge, Global Ag Risk Solutions launch crop insurance tool
Oct. 15, 2018
Farmers Edge
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Canada
Farmers Edge and Global Ag Risk Solutions (Global Ag) announced a strategic alignment marking an era of change for crop insurance. The partnership will combine Farmers Edge field-centric data with Global Ag customized insurance products, allowing farmers to manage and increase their profits, while decreasing their risk.
Each season, farmers face uncontrollable elements and large overhead costs, such as land, machinery, and labour; farmers assume the risk that their revenue might not cover expenses. This partnership provides farmers with unique solutions to protect their assets based on a predictable annual revenue stream that includes input costs, plus an additional margin. If input costs go up, so does the coverage, giving growers the freedom and confidence to farm the way they want, without being stifled by risk.
Mutual customers of Farmers Edge and Global Ag, in both Canada and the US, will have access to exclusive 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.
"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 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. 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."
"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 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. We're giving farmers a better, faster, and more cost-effective option - they no longer have to go with a product that doesn't meet their needs just because it's the only one available to them."
Both companies will cross market each other's solutions and work together to develop new, dynamic customized insurance products.
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