DigiAg Risk Management from Farmers Edge to help mitigate risk with high-tech insurance solution
21 December 2021, Canada: Farmers Edge Inc. (TSX: FDGE), a pure-play digital agriculture company, is pleased to announce the creation of DigiAg Risk Management Inc., a wholly owned subsidiary of Farmers Edge. This new unit will provide farmers across Canada and the United States with innovative parametric insurance products, unique risk transfer solutions, and comprehensive group benefits.
With a primary focus on the agriculture industry, DigiAg Risk Management is the sole Managing General Agency (MGA) with access to proprietary, field-centric datasets coming directly from broad-acre farms, including satellite imagery, on-farm weather events, predictive crop models, acreage reports, and more. These site-specific datasets create new insurance solutions and risk transfer opportunities for farmers that have been previously unavailable in the marketplace.
Expanding connectivity across the digital agricultural ecosystem, DigiAg will work alongside industry-leading vendors and partners, including Acturis (a top insurance technology provider) and Wawanesa Life (a name trusted by Canadians for over 125 years), to seamlessly distribute a lineup of high-tech, farmer-focused solutions.
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Farmers can expect to see new parametric products and insurance solutions available for the 2022 and 2023 growing seasons. This year, Canadian farmers can access Canola Heat Blast Yield Protection along with a group benefits plan designed for farm families and their employees. Typically, these plans are built for one employer with several full-time employees, often excluding many farms. Shifting the industry norm, DigiAg provides coverage — including dental, vision, prescription drugs, and paramedical services — for both full-time and seasonal employees. The plan pools all customers to harness their buying power for a more affordable benefits package and renews as one group, so it is simple and sustainable.
“We understand how hard farmers work to feed the world and make the planet more sustainable for all of us, and we’re committed to doing everything we can to provide them with more opportunities to succeed,” said Wade Barnes, CEO and founder of Farmers Edge. “With the launch of DigiAg Risk Management, we’re able to bring new solutions for farmers to mitigate risk across their operation, protect their employees, and build a legacy for future generations to continue farming. At the same time, we can support the advancement of the insurance industry, help insurers establish deeper connectivity with farms, and enable the creation of new parametric insurance models and risk transfer solutions.”