Sompo International takes the field with crop tech partnership

Published in: Risk management, Environment, Corporate strategy, US - Canada - Bermuda, Software - IT

Companies: Sompo International, CropTrak, Global Ag Risk Solutions, Farmers Edge, RMS

Bermuda-based re/insurer Sompo International has partnered with software platform, CropTrak, to boost its agricultural insurance and risk management capabilities. 

The global partnership expands a relationship, dating back to 2016, between CropTrak and ARMtech Insurance Services, a wholly-owned subsidiary of Sompo International and the sixth-largest underwriter of US federally sponsored crop insurance.

ARMtech’s crop insurance software, AgriNet, integrates with CropTrak and aims to provide clients and agents with a method for collecting insurance data, as well as acreage and production reporting, under the trade name, AgKeeper.

Sompo International’s deal with CropTrak follows the recent partnership between Canadian MGA Global Ag Risk Solutions and agriculture data provider Farmers Edge.

Steve Jewson, head of climate hazard modelling at RMS, previously told InsuranceERM how insurers have a big opportunity to underwrite and manage more agriculture risk in the future.

"Excitingly for the insurance industry, the governments in China and India are very keen to promote risk transfer markets to move risk into the private sector," he said.

Ronan McCaughey