DigiAg Risk Management creates opportunities for Canadian farmers to mitigate risk with high-tech insurance solutions and innovative group benefits plans
WINNIPEG, MB — December 16, 2021 — Farmers Edge Inc. (TSX: FDGE), a pure-play digital agriculture company, is pleased to announce the creation of DigiAg Risk Management Inc. (DigiAg), a wholly-owned subsidiary of Farmers Edge. This new unit will provide farmers across Canada with innovative parametric insurance products, unique risk transfer solutions, and comprehensive group benefits.
With a primary focus on the agriculture industry, DigiAg is the sole Managing General Agency (MGA) with access to proprietary, field-centric datasets coming directly from broad-acre farms, including satellite imagery, on-farm weather events, predictive crop models, acreage reports, and more. These site-specific datasets create new insurance solutions and risk transfer opportunities for farmers that have been previously unavailable in the marketplace.
Enhancing connectivity across the digital agricultural ecosystem, DigiAg will work alongside industry-leading insurers, vendors, and partners to distribute a suite of high-tech, farmer-focused solutions. Aligning with Acturis (a top insurance technology provider) and Wawanesa Life (a name trusted by Canadians for over 125 years), DigiAg is focused on expanding access to coverage and delivering a streamlined insurance experience to Canadian farmers.
Farmers can expect to see new parametric products and insurance solutions available for the 2022 and 2023 growing seasons, including Canola Heat Blast Yield Protection and a group benefits plan designed for farm families and their employees. Typically, group benefits plans are built for one employer with several full-time employees, often excluding many farms. Shifting the industry norm, DigiAg provides coverage — including dental, vision, prescription drugs, and paramedical services — for both full-time and seasonal employees. The plan pools all customers to harness their buying power for a more affordable benefits package and renews as one group, so it is simple and sustainable.
“We understand how hard farmers work to feed the world and make the planet more sustainable for all of us, and we’re committed to doing everything we can to provide them with more opportunities to succeed,” said Wade Barnes, CEO and founder of Farmers Edge. “With the launch of DigiAg, we’re able to bring new solutions for farmers to mitigate risk across their operation, protect their employees, and build a legacy for future generations to continue farming. At the same time, we can support the advancement of the insurance industry, help insurers establish deeper connectivity with farms, and enable the creation of new parametric insurance models and risk transfer solutions.”
About Farmers Edge
Farmers Edge is leading the next agricultural revolution with the industry’s broadest portfolio of proprietary technological innovations, spanning hardware, software, and services. Powered by a unique combination of connected field sensors, artificial intelligence, big data analytics, and agronomic expertise, the Company’s digital platform turns data into actions and intelligent insights, delivering value to all stakeholders of the agricultural ecosystem. Farmers Edge disruptive technologies accelerate digital transformation on the farm and beyond, protecting our global resources and ensuring sustainable food production for a rapidly growing population. For more information, please visit www.farmersedge.ca and SEDAR (www.sedar.com).
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Information Form dated March 29, 2021 and under the “Risk and Uncertainties” section in the Company’s management discussion and analysis filed November 11, 2021, each of which are available on the Company’s website (www.farmersedge.ca/investor-relations/) and on SEDAR (www.sedar.com). The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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