09 February 2022, United States: Farmers Edge Inc. (TSX: FDGE), a global leader in digital agriculture, is pleased to announce the creation of DigiAg Risk Management (US), LLC (DigiAG), a wholly-owned subsidiary of Farmers Edge. Facing disruption head-on, DigiAg will work alongside insurers and agents to develop innovative crop protection solutions and unique coverage options to help protect American farmers from risk.
The Company will leverage localized, proprietary datasets and robust digital infrastructure to create opportunities for farmers, insurers, and agents previously unavailable in the marketplace. Its approach fuses productivity, profitability, and sustainability together to address farmers’ evolving needs and create a superior insurance experience to boost return on investment across the farm.
All farm data is collected passively using Farmers Edge solutions (including high-resolution, high-frequency satellite imagery; weather conditions and events, such as hail or flood; predictive crop growth stage, disease and pest, and yield models; detailed acreage and production reports; and more) to provide seamless access to critical information required for crop insurance reporting. Digitizing the flow of insurance data using this novel and comprehensive structure delivers substantial time savings, reduces claims leakage, and ensures a high level of validity and reporting transparency for all stakeholders.
Agents can partner with DigiAg to enhance their service model, collaborate on innovative private products, generate revenue through referrals, and create a hyper-personalized customer experience to foster long-term business growth.
We’re focused on shifting the traditional insurance model to a high-tech, omnichannel experience for all stakeholders,” says Wade Barnes, Farmers Edge CEO and founder. “With input costs on the rise and weather patterns continuing to change, farmers are challenged with growing more food while remaining profitable; they need simple and affordable solutions to protect their operations from risk. At the same time, insurers do not have seamless access to the high-quality datasets they need to develop, distribute, and support sustainable insurance products for farmers. That’s where we come in. We help farmers collect and manage their data so they can make informed decisions, and those decisions create a domino effect of opportunities across the digital agricultural ecosystem. We’re excited to work alongside the insurance industry to develop unique crop protection and risk transfer solutions to help more farm operations prosper.”