Farmers Edge Launches Insurance Platform for Agriculture
Farmers Edge™ today announced the agriculture industry’s first InsurTech platform that combines field-level data, remote sensing, AI-driven models, and secure automation technology designed to deliver new levels of efficiency and transparency for both insurance providers and growers. Connecting automated insurance reporting and claim filing tools to FarmCommand™ – a leading farm data management platform – Farmers Edge is transforming traditional crop insurance to create a more streamlined, digital experience for all stakeholders.
Digital disruption is happening across agriculture; this means growers are demanding digital solutions from trusted partners that can be easily integrated into all systems connected to their farm. The insurance industry will need to adapt to the demand for customized insurance solutions to stay competitive and retain customers. Adding another layer of value to FarmCommand, the InsurTech platform includes the release of two new solutions: Smart Claim™ and Smart Reporting™ to meet these changing needs and bridge the gap between field data collection and reporting. For growers, the platform opens the door for smarter coverage selection, innovative private products, and simplified acreage and production reporting. Growers will now have the option to share data directly through FarmCommand, saving time and eliminating data losses. For insurance providers, the InsurTech platform offers visibility into each farm operation for better risk management and lowered administration costs through automated claim prediction, detection, estimation, adjudication, and reporting. With over 291 million insured acres in the United States, this enhanced digital connection allows insurance providers to access new revenue streams and improve customer relationships through private, value-added products and personalized protection that matches each farm operation with the right risk mitigation plan.
“The InsurTech platform represents the natural evolution of connected farming and is a landmark milestone for the agriculture and insurance industries,” said Wade Barnes, CEO and co-founder of Farmers Edge. “Since 2005, Farmers Edge has been digitizing the farm and giving growers access to real-time insights to maximize yield and profitability. This same data—which shows when crops were planted, combined, and harvested, or which crops have been damaged during a storm or flooding—is what insurance companies need before they can process a claim. The InsurTech platform is a pivotal new digital transformation tool for both growers and insurance providers that enables a better experience for all stakeholders.”
How it Works:
The InsurTech platform uses data from FarmCommand to power Smart Claim and Smart Reporting.
FarmCommand™ is an all-in-one farm management platform powered by unprecedented levels of field-centric data sets. Automatically integrating data from more sources than any other provider, including: daily satellite imagery, advanced field-centric weather, all equipment and operational data, predictive models, analytics, benchmarking and more, FarmCommand is designed to simplify data management and provide timely insights for more informed and profitable decision-making.
Smart Reporting
All as-planted, as-applied, and as-harvested machine data from FarmCommand is automatically processed to provide acreage and production reporting, pre-harvest estimates, post-harvest reviews, benchmarking reports, policy change alerts, and enhanced analytics for better fund allocation.
Smart Claim
Advanced field-centric weather data and Daily Satellite Imagery is transformed in FarmCommand to provide a suite of decision support tools, including: Automated Health Change Maps and Notifications, disease and pest models, severe weather forecasting and detection, nitrogen and growth stage models. This data powers automated claim predictions and notifications, claim adjustments, crop classifications, fraud detection, and simplified record-keeping.
“Connecting digital insurance tools with FarmCommand™ is an ‘Easy Button’ for growers, enabling them to electronically transfer crop data directly to their insurance agent, in a format that meets industry requirements, instead of manually sorting, compiling, and filing paperwork,” said Ron Osborne, Chief Strategy and Product Officer at Farmers Edge. “For insurance agents, the platform is a powerful digital tool that provides complete, consistent, free from bias, and valid data in one central location, offering a unified 360-degree customer view, enabling agents to provide better customer service, offer customized insurance products, and improve client loyalty and retention rates.”
