Geosys Signs Latevo, Positioned to Disrupt Market with New Multi-Peril Crop Insurance
Latevo will use customized, Geosys platform to introduce low-cost coverage
PLYMOUTH, Minn., Feb. 5, 2018 /PRNewswire/ -- Geosys announces a new partnership with Latevo Pty Ltd to bring an innovative Multi-Peril Crop Insurance (MPCI) product to Australia for the 2018 growing season. The new solution, called Latevo Crop Monitor, is a custom application developed by Geosys that integrates Laveto's proprietary algorithms to better monitor broadacre crops throughout the season. Latevo Crop Monitor aims to lower the cost of MPCI for Australian farms by nearly 70-percent compared to historic models.
"The addition of the Latevo Crop Monitor to both our underwriting and client offering is a massive step forward in helping our farmers achieve their potential yields. The ability of Geosys to custom configure its Croptical platform to meet our innovative insurance solution is an absolute credit. Latevo Crop Monitor brings transparency to a new level, which is a key part in building grower confidence in crop insurance here in Australia," says Andrew Trotter, CEO of Latevo.
Geosys offers a variety of solutions for crop insurance providers that help manage exposure to risk, improve operational efficiency and serve as a platform for better insurance products. With up to 30 years of archived data and maps available instantaneously, insurance providers can make more informed decisions when underwriting while real-time data can validate loss adjustment claims with reliable third-party data.
"Geosys is dedicated to growing agriculture - part of that commitment is helping make crop insurance more affordable for growers across the globe," says Matthieu Hyrien, vice president of sales for Geosys. "We are thrilled to be working with Andrew and the team at Latevo to introduce this custom solution to the marketplace, and we will be working closely with them throughout the season to ensure the best possible experience for their customers."
The Latevo Crop Monitor tool is built from the Croptical┬« monitoring application platform to provide best-in-class variability maps with weather data in one, easy-to-use tool.
To learn more about insurance solutions from Geosys, visit www.geosys.com/insurance.
Geosys is the first global digital agriculture company founded by agronomists. With 30 years of industry experience, Geosys provides clients with data, analysis and insights needed to make more informed decisions. Services range from worldwide risk management and monitoring agricultural commodities, to input sales and precision farming support by using the latest research in agronomics, information technologies and remote sensing. Geosys also develops highly customized business solutions for large, multinational agricultural companies. Acquired by Land O'Lakes, Inc. in 2013 as an independent business, Geosys is headquartered in Minneapolis, Minnesota with offices in France, Switzerland, Australia, and Brazil. For more information, visit www.geosys.com.
Latevo first offered its unique crop insurance solution in 2014 to Australian farmers. The program has evolved significantly since then and partnering with Geosys will clearly see the program to more farmers than ever before in 2018.