July 24, 2019 by Jason Contant
A Winnipeg-based provider of scalable digital solutions for the agricultural industry has launched what it calls the industry’s first insurtech platform combining field-level data, remote sensing, artificial intelligence-driven models and secure automation technology.
The platform creates a “new digital connection between insurance providers and growers,” transforming traditional crop insurance to create a more streamlined, digital experience, Farmers Edge said Tuesday.
“For insurance providers, the insurtech platform offers visibility into each farm operation for better risk management and lowered administration costs through automated claim prediction, detection, estimation, adjudication, and reporting,” Farmers Edge said in a press release. “This enhanced digital connection allows insurance providers to access new revenue streams and improve customer relationships through private, value-added products and personalized protection that matches each farm operation with the right risk mitigation plan.”
The platform uses data from FarmCommand – a farm data management platform. It also includes the release of two new solutions: Smart Claim and Smart Reporting to bridge the gap between field data collection and reporting.
The first uses advanced field-centric weather data and daily satellite imagery to create automated claim predictions and notifications, claim adjustments, crop classifications, fraud detection and simplified record-keeping. With Smart Reporting, data from FarmCommand is automatically processed to provide acreage and production reporting, pre-harvest estimates, post-harvest reviews, benchmarking reports, policy change alerts, and enhanced analytics for better fund allocation.
Like many industries, digital disruption is also happening across agriculture. “The insurance industry will need to adapt to the demand for customized insurance solutions to stay competitive and retain customers,” Farmers Edge said.