Farmers Edge has created a new subsidiary focused on crop protection solutions and coverage options.
The new subsidiary, to be known as DigiAg Risk Management, will be wholly owned by Farmers Edge.
The company said in a statement that the new venture will leverage localised, proprietary datasets and robust digital infrastructure to create opportunities for farmers, insurers, and agents previously unavailable in the marketplace.
Wade Barnes, CEO and founder of Farmers Edge, said: “We’re focused on shifting the traditional insurance model to a high-tech, omnichannel experience for all stakeholders. With input costs on the rise and weather patterns continuing to change, farmers are challenged with growing more food while remaining profitable; they need simple and affordable solutions to protect their operations from risk.”
He added: “At the same time, insurers do not have seamless access to the high-quality datasets they need to develop, distribute, and support sustainable insurance products for farmers. That’s where we come in. We help farmers collect and manage their data so they can make informed decisions, and those decisions create a domino effect of opportunities across the digital agricultural ecosystem.”
According to Farmers Edge, data will be collected passively through a number of channels.
The company said that digitising the flow of insurance data using this novel and comprehensive structure will deliver substantial time savings, reduce claims leakage, and ensure a high level of validity and reporting transparency for all stakeholders.
