Farmobile Announces Crop Insurance Strategic Partnership
Farmobile today announced a strategic partnership with AmTrust Agriculture Insurance Services, a subsidiary of AmTrust Financial, Inc., a multinational property and casualty insurer specializing in coverage for small business. The agreement, effective immediately, will allow the two companies to leverage Farmobile’s data collection technology to build new digital solutions for the crop insurance market. As a part of the partnership, AmTrust will take a strategic equity position in Farmobile. This partnership and equity investment will enable Farmobile to expand its data product offering for crop insurance reporting including API integration with AmTrust.
The agriculture industry faces a massive opportunity to capture efficiencies within the crop insurance industry. Eighty six percent of all planted U.S. farmland is insured in the Federal Crop Insurance Program (FCIC) and most of these acres are farmed by machines with digital connectivity. Farmobile’s advanced data collection technology provides precise, accurate agronomic data to streamline crop insurance reporting.
“Today crop insurance reporting is not a standardized process,” said Jeffrey Fenster, Senior Vice President at AmTrust. “The capabilities of Farmobile’s data collection system will allow AmTrust to innovate and provide additional time and cost savings to our crop insurance agents and farmers.”
“AmTrust’s partnership with Farmobile demonstrates our increasing commitment to provide farmers with innovative, yet practical, risk management and data management solutions,” Fenster continued. “Farmobile is one of the first companies to make farm data collection simple. They also standardize the data, make it portable and have an incredibly transparent sharing and accessibility model.”
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Farmobile can be used with many equipment brands and different machines making it an ideal solution for reporting on farms with a mixed fleet. Data collected by Farmobile’s hardware device, the passive uplink connection (PUC), is transmitted to a central repository every second over a cellular connection. Even if cellular data is lost the PUC stores data locally until connectivity is restored, mitigating the risk of incomplete information at the end of each reporting cycle.
“AmTrust is taking a leadership position in using digital agricultural advancements to aid in crop insurance reporting. We’re inspired by their vision to leverage technology to recruit agents and help farmers,” said Jason Tatge, CEO of Farmobile. “Together with AmTrust, we’ll be able to deliver a faster, cheaper and smarter workflow for crop insurance reporting through better data management. In short, we help farmers and agents create shared value through efficient reporting.”