Company: Farmers Edge
Business Category: A technology/data provider of InsurTech tools to insurance companies, agencies and brokers to facilitate efficient and transparent crop and parametric insurance claims fulfillment.
Maturity Status: Mature (more than 3 years since product went into production)
Product or Service: FarmCommand® comprehensive farm management digital platform
Area: Property & Casualty Insurance
Farmers Edge is a global leader in digital agriculture, delivering cutting-edge solutions powered by a unique combination of field-centric data, artificial intelligence, and complete integration. Since 2005, Farmers Edge has transformed the industry with disruptive technologies and strategic partnerships, including ag insurance and finance. With the most comprehensive data management platform on the market, Farmers Edge is revolutionizing the way farmers – and their trusted farm partners – interact with data to make better informed risk management decisions.
What makes us an InsurTech:
Farmers Edge risk management platform, FarmCommand®, is equipped with InsurTech tools for growers and insurance providers to rapidly collect and process field-centric data for planted acre verification, production reporting, pre-harvest estimates, and post-harvest reviews. Transparency and ease of use result in fast, efficient claims settlement and superior customer experience. These datasets and tools allow Farmers Edge to create specialty insurance products that fill gaps in the traditional indemnity focused crop insurance space. These new products are parametric based derivative products that create opportunities for immediate payments to growers upon the occurrence of a triggering event i.e. drought conditions.
Major features & technology used:
InsurTech tools include Smart Claim—a platform powered by in-field sensors and artificial intelligence transforms data into insights to deliver simplified claims management, from prediction to detection to estimation and adjudication. Users also benefit from visibility into the current and predicted stages of crops, disease, and pests. Severe weather forecasting detects and warns users of hail, high winds, and floods. Automatic crop health change detection identifies, measures, and alerts users of the extent of damage from a desktop, smartphone, or tablet. These high-tech tools provide accurate and consistent information delivered on a timely basis and allow insurers to be proactive at key points during the claim’s life cycle.
About Farmers Edge
Farmers Edge is partnering with reinsurers and insurance companies in multiple regions like Canada, U.S.A., Brazil, Australia, Ukraine, Russia to assist and support farmers in making data-informed risk management decisions and providing additional risk transfer mechanisms to keep the world’s food supply safe, traceable and sustainable. For more information, visit www.farmersedge.ca.
Source: Farmers Edge
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