PartnerRe announces deal to develop agriculture insurance productsReprints
PartnerRe Ltd. said it has entered a four-year agreement with Farmers Edge to jointly develop agriculture insurance products in main crop-growing areas worldwide, the companies said in a statement Tuesday.
The companies’ goal is to help farmers improve the efficiency and sustainability of their operations and obtain insurance by using insurance products with integrated, precision-farming capabilities from Winnipeg, Manitoba-based Farmers Edge.
The self-described “decision agriculture” firm, which combines hardware, software, agronomy and support to farmers, provides a “turnkey system” including soil sampling and analysis, field-centric weather monitoring, in-field telematics and data transfer, daily satellite imagery, data analytics, predictive modeling and other features.
The Farmers Edge platform helps farmers collect, store and transfer data, allowing them to measure results and make management decisions, the statement said.
“We are delighted to be at the forefront of this exciting and innovative new initiative with Farmers Edge and look forward to partnering with our insurance clients to bring it to market,” Emmanuel Clarke, president and CEO of Pembroke, Bermuda-based PartnerRe, said in the statement.
“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,” Rinat Bektleuov, head of agriculture at PartnerRe, added in the statement.
“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,” Wade Barnes, president and CEO of Farmers Edge, said in the statement.
Mr. Barnes added that farmers “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.”