Munich Re to partner with digital agriculture firm Farmers Edge
By Charlie Wood ____
Global reinsurer Munich Re is partnering with digital agriculture firm, Farmers Edge, on data-driven parametric weather insurance solutions.
Farmers Edge says Munich Re’s reinsurance expertise will help combat risks associated with parametric coverage while also establishing business resiliency amid the COVID-19 pandemic.
The Farmers Edge risk management platform FarmCommand helps automate all data transactions between growers and insurers, resulting in lower administrative costs and improved scalability.
The platform delivers hyper-local, high-density insights, fuelled by AI and robust datasets to detect claims and trigger instant payouts.
“Protecting agribusinesses against risks arising in agricultural production has been a longstanding tradition within Munich Re. Our aim is to improve the access to required coverages by extending the boundaries of insurability,” says Rainer Hartmann, Head of AgRisk Partners in Munich Re.
“The collaboration with Farmers Edge brings an important piece to the table. The performant accessibility to accurate data allows the design of individual coverages on a parametric basis addressing the specific risks and helping commercial operations to manage their exposures.”
“As a farmer myself, it was paramount for us to provide a solution to help growers across data-sparse regions access more protection,” says Wade Barnes, Farmers Edge CEO and co-founder.
“By working together, we’re able to bring the highest degree of accuracy available paired with intuitive tools to deliver instant payouts and superior risk management solutions that support global sustainability.
“This collaboration completes the missing piece of the longstanding parametric puzzle—controlling risk with better data—and gives insurers a clearly defined competitive advantage to attract new customers and enrich existing relationship