AmTrust Agriculture Insurance, a subsidiary of multiline P&C insurer AmTrust Financial, has signed on with insurtech Farmobile to leverage the latter's data collection platform for its crop insurance clients.
Farmobile’s hardware device, the passive uplink connection, transmits data to a central repository every second over cellular networks. If a connection is lost, the device stores data locally until connectivity is restored. This information is used to calculate crop insurance premium.
“Today crop insurance reporting is not a standardized process,” said Jeffrey Fenster, SVP 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. They also standardize the data, make it portable and have an incredibly transparent sharing and accessibility model."
As part of the agreement, AmTrust also will take an equity stake in Farmobile.
“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.”
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