Reinsurer partners with Manitoba-based analytics firm

Partnership aims to develop new agriculture insurance products

Farmers Edge, a Manitoba-based precision agriculture firm, has teamed up with PartnerRe to help crop insurers worldwide better assess risks.

Farmers Edge provides farmers with data analytics on their crops, as well predictive modelling, weather monitoring, in-field telematics and satellite imagery. The company has entered into a four-year agreement with PartnerRe to provide data that will help insurers get deeper insights into the risks of their clients.

Related: Mother Nature proves less troublesome for Prairie farmers in 2017: report

“This first-of-a-kind deal with PartnerRe will have a tremendous impact on farmers as they will gain greater, customized insurance options based on better, more accurate data and simultaneously open up new financing options farmers need to grow their businesses,” Wade Barnes, president and CEO of Farmers Edge, said in a news release.

The Farmers Edge platform allows farmers to collect, store and transfer data on their crops. That data can be leveraged by insurers for a more efficient loss adjustment process.

“By marrying cutting edge technology with insurance market expertise, insurers will have a unique opportunity to get closer to their customers in terms of risk selection, product design, crop growth monitoring and claims adjustment–to create very tailored solutions that meet each farmer’s specific needs,” said Rinat Bektleuov, head of Agriculture at PartnerRe.

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