PEMBROKE, Bermuda, and WINNIPEG, Manitoba — PartnerRe Ltd. announced a deal with Farmers Edge that will help insurers to close the insurance gap among farmers across all continents.
This exclusive, 4-year agreement between the companies brings together precision farming technology and agriculture insurance in a deal that will fundamentally advance the $5 trillion global food and agriculture industry. Under the terms of the agreement, PartnerRe and Farmers Edge will jointly develop new agriculture insurance products in main crop growing areas worldwide, aimed at addressing the specific needs and challenges of farmers.
For farmers, the insurance product with integrated precision-farming capabilities will improve the efficiency and sustainability of their operations, and will enable them to obtain insurance, which is customized to their individual needs and parameters. Insurers will also benefit from a more efficient loss adjustment process.
The Farmers Edge platform includes, variable-rate technology, soil sampling and analysis, field-centric weather monitoring, in-field telematics and data transfer, daily satellite imagery, data analytics, predictive modeling, access to integrated farm management platform and real boots on the ground.