In a move that make innovative use of satellite technology, digital agriculture company Farmers Edge and insurance group Fairfax Brasil have partnered to bring customized, data-driven crop insurance to growers in Brazil.
This agreement connects the Farmers Edge risk management platform, powered by field-centric data and artificial intelligence, with Fairfax Brasil insurance. The companies say that bringing real-time data into crop insurance may allow for coverage to be individualized for growers' needs.
Brazil is the fourth-largest food producer in the world, but growers continue to face challenges surrounding collecting and accessing the right data to enable more efficient, sustainable and profitable farming. In addition, Farmers Edge estimates that only around 10 percent of growers in Brazil are insured today
Through this partnership, customers are enabled with a field-level risk management platform that includes on-farm weather stations, telematics devices, daily satellite imagery, and a suite of exclusive digital tools, such as highly-precise predictive crop models and automatic crop health change detection.
Additionally, Fairfax partners will gain greater visibility of the farms they cover to manage risk better and to provide better customer service to their clients through automated claims processing, advanced claim analytics and cognitive reporting.
Through this partnership, says Farmers Edge, it will be possible to 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.