Farmers Edge, PartnerRe to Build Customized Insurance Products
Under the terms of a four-year agreement, Farmers Edge and PartnerRe will develop new agriculture insurance products, in main crop-growing areas worldwide, that are aimed at addressing the specific needs and challenges of farmers.
"We've been hard at work on this strategy and solution for our customers for some time,” says Ron Osborne, Farmers Edge chief strategy officer. “Our relationship with PartnerRe and their global insurance and farmer customers demonstrates our clear leadership position and commitment to deliver real value and ROI to farmers around the world.”
For farmers, an insurance product with integrated precision-farming capabilities will improve the efficiency and sustainability of their operations. It will also allow them to obtain insurance, which is customized to their specific needs. For insurers, it means a more efficient loss-adjustment process.
“This first-of-a-kind deal with PartnerRe will have a tremendous impact on farmers as they will gain greater, customized insurance options based on better, more accurate data and simultaneously open up new financing options farmers need to grow their businesses,” says Wade Barnes, president and CEO of Farmers Edge. “Through this partnership, Farmers Edge is making digital agronomy a reality and empowering farmers all over the globe with data-driven insights so they can maximize crop yields, make better decisions, and secure tailor-made insurance solutions that make sense for their market.”
A Unique Opportunity
“In recent years, precision farming has moved from a niche business to the mainstream as a stand-alone agritech industry, with great potential to become the new standard in crop production in the mid to long term," says Rinat Bektleuov, head of agriculture at PartnerRe. “By marrying cutting-edge technology with insurance market expertise, insurers will have a unique opportunity to get closer to their customers in terms of risk selection, product design, crop growth monitoring, and claims adjustment to create very tailored solutions that meet each farmer’s specific needs.”
While Farmers Edge says it is not releasing details on the exact dates and descriptions of new insurance products, it has already begun working with PartnerRe and many of their primary insurance customers on new concepts and products.
“The Farmers Edge daily, global, high-resolution satellite imagery, coupled with our plug-and-play brand-agnostic telematics, weather network, and full data-processing platform, exclusively enables Farmers Edge, PartnerRe, and their global customers to accelerate and deploy these products in the market,” says Osborne. “By leveraging the entire suite of Farmers Edge technology with PartnerRe, global insurance companies are able to significantly reduce their expenses related to underwriting, processing claims, and adjusting to strengthen and better the entire experience for farmers and their trusted insurance agents and partners.”
“At PartnerRe, we are committed to finding innovative ways to create relevant and impactful reinsurance solutions that support our clients’ business goals,” says Emmanuel Clarke, president and CEO of PartnerRe. “We are delighted to be at the forefront of this exciting and innovative new initiative with Farmers Edge, and we look forward to partnering with our insurance clients to bring it to market.”