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Farmers Edge creates DigiAg Risk Management Subsidiary
- December 20, 2021
- William Payne
Digital ag firm Farmers Edge has created a digital agriculture risk management subsidiary to provide farmers with parametric insurance products, risk transfer solutions, and group benefits.
The new firm, DigiAg Risk Management, has access to proprietary, field-centric datasets directly from broad-acre farms, including satellite imagery, on-farm weather events, predictive crop models, and acreage reports. These site-specific datasets are able to create new insurance solutions and risk transfer opportunities for farmers previously unavailable in the marketplace.
DigiAg will work alongside industry-leading insurers, vendors, and partners to enhance connectivity with the digital agricultural ecosystem and distribute a suite of high-tech, farmer-focused solutions. The new company is aligning with insurance technology provider Acturis and insurance firm Wawanesa Life.
New parametric products and insurance solutions are expected to be available for the 2022 and 2023 growing seasons, including Canola Heat Blast Yield Protection and a group benefits plan designed for farm families and their employees.
Typically, group benefits plans are built for one employer with several full-time employees, often excluding many farms. DigiAg will provide coverage — including dental, vision, prescription drugs, and paramedical services — for both full-time and seasonal employees. The plan pools all customers to harness their buying power for a more affordable benefits package and renews as one group.
“We understand how hard farmers work to feed the world and make the planet more sustainable for all of us, and we’re committed to doing everything we can to provide them with more opportunities to succeed,” said Wade Barnes, CEO and founder of Farmers Edge. “With the launch of DigiAg, we’re able to bring new solutions for farmers to mitigate risk across their operation, protect their employees, and build a legacy for future generations to continue farming. At the same time, we can support the advancement of the insurance industry, help insurers establish deeper connectivity with farms, and enable the creation of new parametric insurance models and risk transfer solutions.”