Farmers Edge announced to strategically collaborate with the leading reinsurer Munich Re to transform traditional parametric coverage models into scalable and profitable solutions for all stakeholders.
The deal will pave the way for data-driven parametric weather insurance solutions, combining highly precise datasets with science-based analytics and Artificial Intelligence.
“By working together, we’re able to bring the highest degree of accuracy available and couple it with intuitive tools to deliver instant payouts and superior risk management solutions that support global sustainability,” said Wade Barnes, Farmers Edge CEO and co-founder.
“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.