OVERLAND PARK, Kan. — Farmobile, the farm data company, announced that Guy Carpenter, a leading global risk and reinsurance specialist, will purchase enhanced data sets to help optimize risk assessment and potentially improve the underwriting capabilities of Carpenter’s clients.
Initially, Carpenter will purchase Electronic Field Records (EFRs) directly from American farmers through Farmobile’s Data Store, working to help enhance the data and analytics it provides to its clients in the agriculture space. The commitment is the first of its kind, validating the open market value for farm data.
Farmers interested in licensing their data can participate by collecting and certifying their EFRs in the Farmobile Data Store. The Data Store, which opened in April 2016, makes fair, secure farm data transactions possible for farmers.
In 2016 American farmers created more than 4,000 EFRs using Farmobile’s PUC, a passive data capture device, creating a wealth of information for buyers interested in field, machine, and agronomy data. This data can be used to power digital services or platforms, or to facilitate side-by-side comparisons in search of innovative breakthroughs.
Carpenter will utilize Farmers’ EFR data to develop new predictive risk models, help its clients improve their underwriting efficiency, and enhance forecasting capabilities.