Farmers Edge establishes insurance MGA
After dipping their toes in insurance through partnerships with Munich Re and Fairfax, as well as introducing an “insurtech platform,” digital farming solutions company Farmers Edge has established DigiAg Risk Management, a wholly-owned subsidiary that will provide farmers across Canada with parametric insurance products, risk transfer solutions, and comprehensive group benefits.
Farmers Edge says that DigiAg is the only MGA with access to proprietary, field-centric datasets coming directly from broad-acre farms, including satellite imagery, on-farm weather events, predictive crop models, acreage reports, and more. These site-specific datasets will create new insurance solutions and risk transfer opportunities for farmers that have been previously unavailable in the marketplace.
DigiAg will work alongside insurers, vendors, and partners to distribute a suite of high-tech, farmer-focused solutions. The company is also mentioning its partnerships with insurance technology provider Acturis and Wawanesa Life.
Farmers can expect to see new parametric products and insurance solutions 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. In terms of group benefits, DigiAg will offer dental, vision, and medical coverage for both full-time and seasonal employees.
Earlier this year, Farmers Edge became a public company, raising $99 million in its Canadian initial public offering.
“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. 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.” – Wade Barnes, CEO and founder of Farmers Edge.