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Farmers Edge and Fairfax Brasil deliver data-driven crop insurance

In View Summary

Farmers Edge, a digital agriculture ecosystem provider, has partnered with Fairfax Brasil to develop bespoke data-driven crop insurance solution for growers in Brazil. The plan is to connect Farmers Edge Risk management platform (Farm Command), powered by data and artificial intelligence, with insurance as the foundation for developing dynamic and affordable risk-based solutions for both growers and insurers.

The farmers in Brazil are struggling to find the right solutions because it is hard to find the right data to support them. This data challenge results in inefficient decision-making and manual processing.

Farmers Edge digital ecosystem aims to provide a digital ecosystem, which includes the hardware, software, analytics, and infrastructure needed for technology-driven agriculture. The ecosystem helps farmers to be empowered with on-farm weather stations, telematics devices, daily satellite imagery, and a suite of exclusive digital tools, such as highly-precise predictive crop models and automatic crop health change detection. Additionally, it provides greater visibility of the farms to manage risk better and to provide improved customer service to their clients through automated claims processing, advanced claim analytics, cognitive reporting, and new customised options.

Farmers Edge Farm Command is a farm management platform, which is being used by Fairfax to develop a data-driven agriculture solution

The partnership helps in building field-data, which will include when the crops were planted, combined and harvested, in addition to when they have been damaged due to weather events. This data will form the basis of automated insurance processing, which will ensure improved insurance operations and pay-outs.

Bruno Camargo, Fairfax Brasil CEO, said: “This partnership with Farmers Edge is very strategic for Fairfax Brasil in automating manual, paper-based processes that slow down both growers and partners. 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.”

The Digital Insurer's View

Crop insurance is a growing product open to innovation. Recently Aon brought it into focus again with its blockchain solution.

For farmers data automation is resulting in faster claims and improved customer service, which in turn is making crop insurance more attractive.

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