Farmers Edge has launched Insurtech, an agricultural platform to create a digital connection between insurance providers and farmers.
The new platform leverages field-level data, remote sensing, AI-driven models, and secure automation technology to provide efficiency and transparency for both insurers and farmers.
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The new platform will be supported by the company’s farm data management platform FarmCommand.
Along with the new Insurtech platform, the company has introduced two new solutions including Smart Claim and Smart Reporting to bridge the gap between field data collection and reporting.
The InsurTech platform, according to the company, will use data from FarmCommand to power Smart Claim and Smart Reporting.
For growers, the platform offers smarter coverage selection, private products, and simplified acreage and production reporting.
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By GlobalDataUsing the new solution, farmers can share data directly through FarmCommand, saving time and eliminate data losses.
For insurance providers, the Insurtech platform provides visibility into each farm operation for better risk management.
By automating claim prediction, detection, estimation, adjudication, and reporting, the new solution also reduces administration expenses for insurers.
Farmers Edge CEO and co-founder Wade Barnes said: “The insurtech platform represents the natural evolution of connected farming and is a landmark milestone for the agriculture and insurance industries.
“This same data—which shows when crops were planted, combined, and harvested, or which crops have been damaged during a storm or flooding—is what insurance companies need before they can process a claim.
“The Insurtech platform is a pivotal new digital transformation tool for both growers and insurance providers that enable a better experience for all stakeholders.”
