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Data Buyer Secured By Farmobile
Last year farmers using Farmobile’s PUC, a passive data capture device, created more than 4,000 electronic field records (EFRs). The result is a wealth of information for buyers interested in field, machine, and agronomy data, which can be used to power digital services or platforms or to facilitate side-by-side comparisons in search of innovative breakthroughs.
One of those buyers, global risk and reinsurance specialist Guy Carpenter, will purchase enhanced data sets to help optimize risk assessment and potentially improve the underwriting capabilities of its clients. As a first step, Carpenter plans to buy EFRs directly from farmers through Farmobile’s Data Store. Opened in April 2016, the Data Store is working to make fair, secure farm data transactions possible for farmers.
“Guy Carpenter has a history of thought leadership in the reinsurance space, driving innovation and product development. We see a terrific opportunity to create value and growth for our clients, utilizing the unique field data that Farmobile has assembled,” says Ralph Bone, executive vice president, Guy Carpenter. “Being the first to identify insights in farm data will drive key strategic benefits for us and our clients as we collaborate with Farmobile and directly with some of the country’s largest production farmers to provide the most accurate risk profiles possible to our clients.”
A first of its kind, this commitment, says Jason Tatge, CEO of Farmobile, validates the open market for farm data.
“This is a historical moment in the history of agriculture. Farmers have long been searching for a return on the high-quality data they capture. Now, we’re helping them open up an entirely new revenue stream by licensing their data to vetted third parties,” says Tatge. “We’re excited to be working with Guy Carpenter, and we’re confident that having access to real-time granular data sets will improve underwriting and forecasting for its clients.”
For more information about Farmobile, visit farmobile.com.