This week Farmers Edge announced its entrance into the agriculture insurance space through a deal with PartnerRe, a firm that helps insurance companies manage risk.
According to a joint press release, the four-year agreement between Farmers Edge and PartnerRe brings together precision farming technology and agriculture insurance in a “landmark deal.”
“This first-of-a-kind deal with PartnerRe will have a tremendous impact on farmers as they will gain greater, customized insurance options based on better, more accurate data and simultaneously open up new financing options farmers need to grow their businesses,” says Wade Barnes, president and CEO of Farmers Edge. “Through this partnership, Farmers Edge is making digital agronomy a reality and empowering farmers all over the globe with data-driven insights so they can maximize crop yields, make better decisions and secure tailor made insurance solutions that make sense for their market.”
Farmers Edge officials say an insurance product with integrated precision-farming capabilities will “improve the efficiency and sustainability” of farm operations. Rinat Bektleuov, head of agriculture at PartnerRe, says the deal will also benefit insurers.
“By marrying cutting edge technology with insurance market expertise, insurers will have a unique opportunity to get closer to their customers in terms of risk selection, product design, crop growth monitoring and claims adjustment – to create very tailored solutions that meet each farmer’s specific needs,” he says.