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Farmers Edge, Fairfax Brasil partnership brings data-driven crop insurance to Brazilian growers
By using real-time data and science-derived insights, a partnership between Farmers Edge and Fairfax Brasil is disrupting traditional crop insurance. This shift creates an opportunity for coverage to become more customized to meet a grower’s changing needs based on risks and the actions he takes to mitigate those risks.
While Brazil may be the fourth-largest food producer in the world, its growers still face challenges collecting and accessing the right data to enable more efficient, sustainable, and profitable farming. Because data is sparse, it creates a chain of inefficiencies for all farm stakeholders by forcing manual processes and uninformed decision making.
“At Farmers Edge, we’re committed to helping growers protect the economic viability of the farm,” says Wade Barnes, Farmers Edge CEO. “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 payouts, while also enabling growers to be more efficient, sustainable, and profitable.”
This partnership gives growers access to Farmers Edge advanced field-level risk management platform that includes on-farm weather stations, telematics devices, daily satellite imagery, and a suite of exclusive digital tools (e.g. highly precise predictive crop models and automatic crop health change detection). In turn, Fairfax partners will gain greater visibility of the farms they cover to manage risk better. It also enables them to provide exceptional customer service through automated claims processing, advanced claim analytics, cognitive reporting, and new options to meet individual needs and parameters.
“This partnership with Farmers Edge is very strategic for Fairfax Brasil in automating manual, paper-based processes that slow down both growers and partners,” says Bruno Camargo, Fairfax Brasil CEO. “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. We are excited to be offering a precision and risk management platform that will enable our growers and partners to be more successful and profitable.”