PartnerRe and Farmers Edge Team Up to Advance Global Agriculture by Offering Real-Time Field Data Coupled with Customized Insurance Products
Exclusive, Multi-Year Agreement Will Bring Farmers Edge Decision Agriculture Platform to at least 20 Million Acres Worldwide
PEMBROKE, Bermuda & WINNIPEG, Manitoba--(BUSINESS WIRE)--PartnerRe Ltd. today announced an innovative deal with Farmers Edge™, a global leader in decision agriculture, that will help insurers to close the insurance gap among farmers across all continents.
This exclusive, four-year agreement between Farmers Edge and PartnerRe brings together precision farming technology and agriculture insurance in a landmark deal that will fundamentally advance the $5 trillion global food and agriculture industry.
Under the terms of the agreement, PartnerRe and Farmers Edge will jointly develop new agriculture insurance products in main crop growing areas worldwide, aimed at addressing the specific needs and challenges of farmers.
For farmers, the insurance product with integrated precision-farming capabilities will improve the efficiency and sustainability of their operations, and will enable them to obtain insurance, which is customized to their individual needs and parameters. Insurers will also benefit from a more efficient loss adjustment process.
The Farmers Edge platform is a comprehensive turnkey system that includes: Variable Rate Technology, soil sampling and analysis, field-centric weather monitoring, in-field telematics and data transfer, daily satellite imagery, data analytics, predictive modelling, access to an integrated farm management platform and real boots on the ground. Leading the development and application of new technologies on the farm, Farmers Edge allows farmers to collect, store and transfer data, enabling them to make advanced management decisions and measure results.
Emmanuel Clarke, President and CEO of PartnerRe welcomed the deal, saying, "At PartnerRe, we are committed to finding innovative ways to create relevant and impactful reinsurance solutions that support our clients' business goals. We are delighted to be at the forefront of this exciting and innovative new initiative with Farmers Edge and look forward to partnering with our insurance clients to bring it to market."
"This first-of-a-kind deal with PartnerRe will have a tremendous impact on farmers as they will gain greater, customized insurance options based on better, more accurate data and simultaneously open up new financing options farmers need to grow their businesses," said Wade Barnes, president and CEO of Farmers Edge. "Through this partnership, Farmers Edge is making digital agronomy a reality and empowering farmers all over the globe with data-driven insights so they can maximize crop yields, make better decisions and secure tailor made insurance solutions that make sense for their market."
Rinat Bektleuov, Head of Agriculture at PartnerRe, said, "In recent years, precision farming has moved from a niche business to the mainstream as a stand-alone agritech industry, with great potential to become the new standard in crop production in the mid to long term.
"By marrying cutting edge technology with insurance market expertise, insurers will have a unique opportunity to get closer to their customers in terms of risk selection, product design, crop growth monitoring and claims adjustment - to create very tailored solutions that meet each farmer's specific needs."
About Farmers Edge
Farmers Edge is a global leader in decision agriculture. Combining hardware, software, agronomy, and support, Farmers Edge provides growers with the right data to inform farm management decisions that maximize productivity and profitability. Originating in Canada, Farmers Edge is now active in five countries across the globe and has received international recognition, including the World Economic Forum's Technology Pioneer award and PricewaterhouseCoopers (PwC) Canada's Disruptor Innovator of the Year award, for its agricultural innovations and commitment to global sustainability. For more information, visit www.farmersedge.ca or www.farmersedgeUSA.com
PartnerRe Ltd. is a leading global reinsurer that helps insurance companies reduce their earnings volatility, strengthen their capital and grow their businesses through reinsurance solutions. Risks are underwritten on a worldwide basis through the Company's three segments: P&C, Specialty, and Life and Health. For the year ended December 31, 2016, total revenues were $5.4 billion. At September 30, 2017, total assets were $23.6 billion, total capital was $8.2 billion and total shareholders' equity was $6.8 billion. PartnerRe enjoys strong financial strength ratings as follows: A.M. Best A / Moody's A1 / Standard & Poor's A+.
PartnerRe on the Internet: www.partnerre.com