Crop Insurance Goes Digital

15:35PM Mar 04, 2019
Natural disasters

While a crop insurance claim is something most farmers don’t wish to make, sometimes they’re inevitable.( Lindsey Benne, Jeanne Bernick, Sara Brown )

While a crop insurance claim is something most farmers don’t wish to make, sometimes they’re inevitable. Several data technology companies are partnering with crop insurance providers to provide streamlined reporting and better risk management modeling.

Climate Corporation and Farmer’s Mutual Hail Insurance Company of Iowa connect field-level data to simplify crop insurance reporting. Bayer’s Climate Corporation enables the insurance company to access the Climate FieldView platform. Once a farmer allows access to FieldView, he or she can request data transfer to Farmer’s Mutual Hail Insurance. It can provide planting and production reports, eliminating manual entry.

“Not only will connecting our two systems enhance reporting processes, the data collected through FieldView can be used for adjusting crop losses, resulting in an enhanced claim experience for our policyholders,” says Ron Rutledge, Farmer’s Mutual Hail president and CEO.

Farmers Edge will team up with PartnerRe to offer real-time field data with customized crop insurance products. Part of a four-year agreement, the companies will jointly develop new ag insurance products worldwide to address farmer needs. Insurance products will integrate with precision farming capabilities to improve sustainability and efficiency, enabling farmers to obtain insurance specialized to individual needs. Insurance providers will also benefit from loss adjustment process efficiency.

“Through this partnership, Farmers Edge is making digital agronomy a reality and empowering farmers all over the globe with data-driven insights so they can maximize crop yields, make better decisions and secure tailor-made insurance solutions that make sense for their market,” says Wade Barnes, Farmers Edge president and CEO.

Rain and Hail, a division of Chubb’s agriculture business, signed an agreement with Bushel to digitally connect customers with farmers. Bushel’s software program allows grain elevators, co-ops and ethanol plants to automate the process of sharing scale tickets from participating partners with their insurance agent.

The Multiple Peril Crop Insurance program requires farmers to report harvest quantities and the companies say this new partnership will reduce reporting time.

“The addition of Bushel to our platform provides growers and agents a quick and efficient way to report critical production information that can help save them time during their busy harvest system,” says Scott Arnold, president of Rain and Hail.

Farmer’s Business Network (FBN) will offer crop insurance products and services for select states. FBN Insurance is offered in Florida, Illinois, Iowa, Indiana, Kansas, Michigan, Minnesota, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota and Texas.

FBN’s offering will provide users with access to insurance products from federal programs and private offerings such as hail and wind-type supplemental products.

“Farmers take on an enormous amount of risk to feed and power our nation, and yet no two farms are identical in their risk profiles,” says Lucas Strom, head of insurance at FBN. “Why should they have a one-size-fits-all model when it comes to managing their risk? FBN Insurance gives farmers the security they need to farm productively with an insurance plan that’s personalized to their risk appetite.”