A partnership between Agi3 Risk Services (ARS) and Definity Insurance Company brand Economical Insurance has introduced a crop insurance solution powered by artificial intelligence (AI) to help farmers protect their crops.
Dubbed AgriEnhance, the offering represents the first crop insurance-based solution developed on the Agi3 platform.
The platform integrates improved machine learning algorithms and data sources to offer precision while examining various field-level opportunities and risks such as the potential of yield and environmental risk exposures.
It leverages AI to provide farmers with real-time insights to make data-based decisions and alleviate potential losses.
Farmers can also actively manage fields, create advanced insights to deploy improved practices and carry out sustainable farm management, minimise greenhouse gases and recognise major risks across their farm holding.
Furthermore, Definity can use the platform to offer real-time pricing and coverage adjustments based on changing risk profiles.
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The company can also use data insights to provide its customers with better risk intelligence along with prediction and prevention services.
Agi3 Risk Services CEO Dr Lysa Porth said: “Through our partnership with Definity and by leveraging cutting-edge technology, we are empowering farmers with accurate risk assessment, personalised risk solutions, and streamlined claims processing, enhancing their ability to mitigate risks and secure their livelihoods.”
According to the company, AgriEnhance will support the integration of AI and agriculture.
Definity Insurance Company commercial insurance SVP and chief underwriting officer Obaid Rahman said: “One of our goals is to become a purpose-driven sustainability leader in the insurance industry.
“We are proud to partner with Agi3 to provide products and services that help farmers navigate their increasingly complex management needs and improve resilience to manage severe weather events resulting from climate change.”