Reinsurance broker Guy Carpenter will purchase Electronic Field Records (EFRs) from farmers using Farmobile’s Data Store to develop new predictive risk models and enhance its forecasting capabilities for agriculture reinsurance.
In an industry where profitability depends on accurate risk predictions, the ability to innovate for cutting edge data collection and assessment remain at the forefront of reinsurers’ agenda.
According to Farmobile, an innovative approach is exactly what the reinsurer has displayed, in this first-time move to purchase data directly from farmers; “This is a historical moment in the history of agriculture. Farmers have long been searching for a return on the high-quality data they capture.
“Now, we’re helping them open up an entirely new revenue stream by licensing their data to vetted third parties,” said Jason Tatge, CEO of Farmobile.
“We’re excited to be working with Guy Carpenter and we’re confident that having access to real time granular data sets will improve underwriting and forecasting for their clients.”
Executive Vice President, Guy Carpenter, Ralph Bone, added; “We see a terrific opportunity to create value and growth for our clients, utilizing the unique field data that Farmobile has assembled.”
“Being the first to identify insights in farm data will drive key strategic benefits for us and our clients as we collaborate with Farmobile and directly with some of the country’s largest production farmers to provide the most accurate risk profiles possible to our clients.”
The EFRs stored in Farmobile’s capture device, PUC, will provide the reinsurer with the most up-to-date data in field, machine, and agronomy, and will enable Guy Carpenter to enhance predictive risk models and improve clients’ underwriting efficiency.
The purchase provides the reinsurer with a direct link for data collection with base-line customers, as the reinsurer moves in closer to the risk, it’s reflective of how through technologies, reinsurance is increasingly able to bypass third parties to cut costs.