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Farmers Business Network launches crop insurance business
Nov. 13, 2018
Farmers Business Network, Inc. (FBN)
United StatesFollow
United StatesFarmer's Business Network, Inc., the largest independent farmer-to-farmer network, is now offering a full range of crop insurance products and services through its affiliate FBN Insurance LLC. FBN Insurance empowers farmers to mitigate risk, make smarter coverage selection, and reduce the time and hassle that often goes into insurance processing.
A new solution is needed for an old business. "Farmers take on an enormous amount of risk to feed and power our nation, and yet no two farms are identical in their risk profiles. Why should they have a one size fits all model when it comes to managing their risk?" says Lucas Strom, Head of Insurance at Farmers Business Network. "FBN Insurance gives farmers the security they need to farm productively, with an insurance plan that's personalized to their risk appetite."
Through the launch of Farmers Business Network's insurance agency, farmers have access to all of the insurance products available through federal programs as well as private offerings such as hail and wind supplemental products. Additional proprietary coverage products will be introduced exclusively to FBN members.
Having the wrong level of insurance coverage can have an immense impact on the bottom line over the long term. Whether a farmer is overpaying on premiums year after year or undercompensating for risk, with FBN Insurance farms have the opportunity to use data to match an operation with the right risk mitigation plan, giving farmers the confidence in coverage they deserve.
FBN Insurance will provide farmers advice and coverage that's custom-tailored to their weather patterns, their marketing plans, and their risk tolerance. Through a network of highly experienced and local reps and a robust data set that will help drive better risk analysis, FBN is able to serve its members ahead of the next growing season.
Farmers in Ark., Flor., Iowa, Ill., Ind., Kan., Mich., Minn., Mo., Miss., Mont., ND., Neb., Ohio, Okla., SD, Texas, have immediate access to talk with a local FBN insurance agent, with more states to come. Additional state-specific offerings are also available.
FBN Insurance will offer farmers the following:
•Coverage with Confidence: FBN now offers the full suite of federally subsidized crop insurance products that are personalized, smart and simple. With more than 26 million acres of data, farmers don't have to follow the crowd anymore on coverage. With advice from experienced agents, combined with FBN-powered data, farmers now can find personalized and the right coverage for their farm.
•Free Risk Assessment: No two farms are identical, so farmers crop insurance shouldn't be either. Farmers can now get a free risk assessment from FBN using anonymized and aggregated data (operational data, weather data, and more) to get a holistic risk management strategy personalized for each operation. Take a picture of your existing schedule of insurance, and FBN will do the rest.
•A Nationwide Reach with a Local Team: With nationwide reach, FBN has an experienced and localized agent team, backed by FBN data to help farmers make the best decisions for their operations unique risk profile.
•Insurance with Ease and Simplicity: Through FBN-exclusive technology, FBN will be able to help eliminate tedious, lengthy paperwork and outdated processes.
•Farmers First® Approach: FBN Insurance provides what farmers have come to expect from FBN; data-driven advice and options driven by what's fair and best; through a more seamless end-to-end experience, customized insurance options with simplicity and ease, farmers will have confidence they are getting the right coverage for their operation.
"Farmers face unprecedented industry consolidation, reduced transparency, high costs and weak prices. Farmers Business Network has put a stake in the ground and is working to create an independent, full profit system for farmers. FBN Insurance is one more piece to the puzzle, and farmers now have the opportunity to have a personalized and smarter risk management system to keep them secure in down years, and without dragging on profits when times are good," says Strom.
Choosing coverage, maintaining crop insurance records, managing and reporting has never been more simple or smarter than with FBN Insurance. Farmers interested in new coverage offerings supported by FBN's technology and analytical capabilities can get a free personal analysis here.
Creating an Independent Farm Economy to Put Farmers First
The idea for the FBN network originated from farmers who wanted to create an independent, farmer-driven information and commerce network.
With the launch of FBN Insurance, farmers are one step closer to having a totally independent full-farm profit system: from FBN Direct's input ecommerce platform; to FBN Analytics comprehensive agronomic-network data analytics & decision support; to FBN Crop Marketing's premium contracts, production contracts, advisory & risk management, and price intelligence powered by a global buyer network.
A farmer who is interested in FBN Insurance is not required to be an FBN member, however, yearly FBN membership costs only $700 with no punishing acreage fees, making it easily affordable for farms of all sizes.
Source: Farmers Business Network
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