Farmers Edge and Fairfax Brasil partner to bring data-driven crop insurance to growers in Brazil.
Farmers Edge and Fairfax Brasil have joined forces to bring customised, data-driven crop insurance to growers in Brazil.
According to the companies, the agreement connects a risk management platform, powered by field-centric data and artificial intelligence, with premium insurance.
Using real-time data and science-derived insights, coverage is to become more individualised to a grower’s needs based on changing risks and the actions taken by the grower to mitigate those risks.
Field data – which shows when crops were planted, combined, and harvested, or which crops have been damaged by weather events – is connected with automated insurance processing to accelerate insurance operations and pay-outs.
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According to Wade Barnes, CEO and co-founder of Farmers Edge, only around 10 percent of growers in Brazil are insured today. “In a country like Brazil, this makes crop insurance available to growers who previously did not have access to it because the dataset wasn’t there. Through Farmers Edge’s suite of digital tools, growers now have access to a rich dataset that allows insurance companies to build customised products.”
Barnes says it doesn’t stop there: “Once they can get insurance, they can go to the bank and get a loan, or an even better loan. We will continue to build a digital agriculture ecosystem that connects growers and all their trusted advisors through one integrated platform.”
According to Barnes growers have ownership and access to their data to review and can choose who to share it with. “Nothing is automatically shared without the grower’s permission.”
Growers need not worry about the system making a mistake, which would lead to a more expensive insurance. “The beauty of field-centric data is that it is accurate. We have been building our platform for years, and it is backed by a team of data scientists dedicated to assuring the quality of the platform.”
Field-level risk management platform
The partnership enables growers with a field-level risk management platform including: on-farm weather stations, telematics devices, daily satellite imagery, and a suite of digital tools, such as highly-precise predictive crop models and automatic crop health change detection.
Additionally, Fairfax partners will gain greater visibility of the farms they cover to manage risk better and to provide better customer service through automated claims processing, advanced claim analytics, cognitive reporting, and new options to meet individual needs and parameters.