Farmobile announced today that Guy Carpenter, a global risk and reinsurance specialist, will purchase enhanced data sets to help optimize risk assessment and potentially improve the underwriting capabilities of Guy Carpenter’s clients. Initially, Guy Carpenter will purchase Electronic Field Records (EFRs) directly from American farmers through Farmobile’s Data Store, working to help enhance the data and analytics it provides to its clients in the agriculture space.
The commitment is reportedly the first of its kind, validating the open market value for farm data, Farmobile claims in it’s latest press release.
Farmers interested in licensing their data can participate by collecting and certifying their EFRs in the Farmobile Data Store. The Data Store, which opened in April 2016, makes fair, secure farm data transactions possible for farmers.
“This is a historical moment in the history of agriculture. Farmers have long been searching for a return on the high-quality data they capture. Now, we’re helping them open up an entirely new revenue stream by licensing their data to vetted third parties,” said Jason Tatge, CEO of Farmobile. “We’re excited to be working with Guy Carpenter and we’re confident that having access to real time granular data sets will improve underwriting and forecasting for their clients.”
In 2016 American farmers created more than 4,000 EFRs using Farmobile’s PUC, a passive data capture device, creating a wealth of information for buyers interested in field, machine, and agronomy data. This data can be used to power digital services or platforms, or to facilitate side-by-side comparisons in search of innovative breakthroughs. Guy Carpenter will utilize Farmers’ EFR data to develop new predictive risk models, help its clients improve their underwriting efficiency, and enhance forecasting capabilities.
“Guy Carpenter has a history of thought leadership in the reinsurance space, driving innovation and product development. We see a terrific opportunity to create value and growth for our clients, utilizing the unique field data that Farmobile has assembled,” said Ralph Bone, Executive Vice President, Guy Carpenter. “Being the first to identify insights in farm data will drive key strategic benefits for us and our clients as we collaborate with Farmobile and directly with some of the country’s largest production farmers to provide the most accurate risk profiles possible to our clients.”