Farmers Edge, a US-based digital agriculture firm, has teamed up with Fairfax Brasil, a wholly-owned subsidiary of Fairfax Financial Holdings, to provide tailored, field data-driven crop insurance to farmers in Brazil.
This deal creates an opportunity for farmers to avail a coverage that is more customised to fluctuating requirements and risks.
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Although Brazil is the fourth largest food producer in the world, farmers find it challenging to avail the right data required for sustainable and profitable farming.
Through this partnership, farmers are expected to be empowered with field-level hazard management platform including on-farm weather stations, telematics devices, daily satellite imagery, and a collection of digital tools such as predictive crop model and automatic crop health change detection.
Furthermore, partners of Fairfax will not only have a better view of the farms they cover in order to manage risk better, but also be able to offer improved services to their clients through automated claims processing (ACP), advanced claim analytics to meet individual necessities.
Farmers Edge CEO Wade Barnes said: “At Farmers Edge, we’re committed to helping growers protect the economic viability of the farm.
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By GlobalData“Only around 10% of growers in Brazil are insured today, putting most farms at risk of financial ruin. Through this partnership, we can seamlessly connect field data—which shows when crops were planted, combined, and harvested, or which crops have been damaged by weather events—with automated insurance processing to accelerate insurance operations and pay-outs, while also enabling growers to be more efficient, sustainable, and profitable.”
Fairfax Brasil CEO Bruno Camargo said: “This partnership with Farmers Edge is very strategic for Fairfax Brasil in automating manual, paper-based processes that slow down both growers and partners.
“With government insurance subsidy programmes expected to grow 170% in 2020, growers in Brazil are looking for innovative, new insurance products that fit their specific needs, offer a safety net that many do not have today, and can accelerate new product and coverage creation. We are excited to be offering a precision and risk management platform that will enable our growers and partners to be more successful and profitable.”
