AI-powered platform partners with Definity to launch new crop insurance product

AI-powered platform partners with Definity to launch new crop insurance product | Insurance Business Canada

Insurance News

AI-powered platform partners with Definity to launch new crop insurance product

Solution allows farmers to leverage data to protect their crops

Insurance News

By
Mika Pangilinan

Agi3 Risk Services (ARS) has partnered with Definity Financial Corporation to launch an AI-powered crop insurance solution called AgriEnhance.

The new product represents the first crop insurance offering on ARS’ Agi3 platform. Its capabilities were made possible through Definity company Economical Insurance and are aimed at aiding farmers find innovative ways to protect their crops.

According to a press release, ARS designed its Agi3 platform to combine state-of-the-art machine learning algorithms with extensive data sources to enable precise assessment of field-level opportunities and risks, including factors such as yield potential and vulnerability to environmental hazards.

The collaboration allows Definity to leverage these features and implement real-time pricing and coverage adjustments based on evolving risk profiles.

Additionally, Definity’s access to data insights provides opportunity for enhanced risk intelligence, prediction, and prevention services.

ARS CEO Lysa Porth expressed excitement about the launch of AgriEnhance and its potential to transform crop protection for farmers.

“Through our partnership with Definity and by leveraging cutting-edge technology, we are empowering farmers with accurate risk assessment, personalized risk solutions, and streamlined claims processing, enhancing their ability to mitigate risks and secure their livelihoods,” said Porth.

Obaid Rahman, Definity’s senior vice president and chief underwriting officer of commercial insurance, emphasized the company’s commitment to sustainability efforts.

“One of our goals is to become a purpose-driven sustainability leader in the insurance industry,” said Rahman. “We are 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.”

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