Agi3 Risk Services (ARS) and Definity Financial Corporation have launched an AI-powered crop insurance solution called AgriEnhance.
The new product is designed to help farmers protect their crops by leveraging data and insights.
The news follows on from Definity recently announcing another partnership as part of its sustainability push, contributing US $500,000 to a fund focused on green infrastructure solutions initiated by Green Communities Canada.
AgriEnhance uses state-of-the-art machine learning algorithms and extensive data sources to assess field-level opportunities and risks. This allows Definity to implement real-time pricing and coverage adjustments based on evolving risk profiles.
ARS CEO Lysa Porth said that AgriEnhance is “empowering farmers with accurate risk assessment, personalized risk solutions, and streamlined claims processing.” She added that the product has the potential to “transform crop protection for farmers.”
Definity’s senior vice president and chief underwriting officer of commercial insurance, Obaid Rahman, said that the company is “proud to partner with Agi3 to provide products and services that help farmers navigate their increasingly complex management needs and improve resilience to manage severe weather events resulting from climate change.”
