The partnership will help growers to capitalise on their data with premium insurance solutions
The partnership creates new opportunities for growers to capitalise on their data with premium insurance solutions. (Credit: Business Wire)
Fairfax Financial Holdings’ wholly-owned subsidiary Fairfax Brasil has collaborated with digital agriculture firm Farmers Edge to provide customised and data-driven crop insurance to Brazilian growers.
The deal integrates an advanced risk management platform, supported by field-centric data and artificial intelligence, with premium insurance to address risk factors, as well as, better serve both growers and insurers.
Fairfax Brasil CEO Bruno Camargo said: “With government insurance subsidy programs expected to grow 170% in 2020, growers in Brazil are looking for innovative, new insurance products that fit their specific needs, offer a safety net that many do not have today, and can accelerate new product and coverage creation.”
Farmers Edge offers advanced solution for tech-driven agriculture
Farmers Edge, which is focused on the development of a fully-connected digital agricultural ecosystem, offers an advanced solution that features the hardware, software, analytics, and infrastructure required for technology-driven agriculture.
The partnership offers customers with an advanced field-level risk management platform, including on-farm weather stations, telematics devices, daily satellite imagery, and a suite of exclusive digital tools such as predictive crop models and automatic crop health change detection.
Farmers Edge will also offer Fairfax partners with better visibility of the farms they cover to efficiently manage risk and provide enhanced customer service to their clients via claims processing, claim analytics and cognitive reporting.
Farmers Edge CEO Wade Barnes said: “Only around 10% of growers in Brazil are insured today, putting most farms at risk of financial ruin.
“Through this partnership, we can seamlessly connect field data—which shows when crops were planted, combined, and harvested, or which crops have been damaged by weather events—with automated insurance processing to accelerate insurance operations and pay-outs, while also enabling growers to be more efficient, sustainable, and profitable.”
Recently, Lindsay expanded digital collaboration with Farmers Edge to connect and digitise two million irrigated acres by the end of 2021.