Growers Edge, a leader in providing innovative fintech solutions for the agricultural industry, is excited to announce the extension of our highly successful partnership with Munich Re. Growers Edge and Munich Re first signed a risk transfer agreement in 2023 after Munich Re assessed the financial modeling utilized in administering warranty-backed crop plans.
The partnership between Growers Edge and Munich Re, the leading global provider of reinsurance, primary insurance, and insurance-related risk solutions, has revolutionized product adoption and risk management in agriculture. Growers Edge offers a Crop Plan Warranty Program that allows ag retailers and manufacturers to encourage growers to implement new products or practices and offer compensation in the event that crop yield does not meet an established benchmark. The collaboration with Munich Re allows Growers Edge to assume the risk on behalf of retail partners for a flat fee per acre, providing peace of mind and financial security for growers.
“The effectiveness of our financial model, coupled with Munich Re’s risk transfer agreement, has led to a significant increase in enrolled acres in Crop Plan Warranty Programs,” said Todd Robran, Growers Edge Chief Commercial Officer. “We anticipate the acres enrolled in 2024 to increase 5x over 2023, underscoring the trust and confidence placed in the partnership by both growers and retail partners.”
Ag retailers or manufacturers that offer warranty-backed crop plans can confidently introduce innovative products and practices to growers, incentivizing them to adopt new technologies and methods. This not only benefits growers by mitigating risk but also fosters a culture of innovation and sustainability within the agricultural community.
“We are pleased to extend our collaboration with Growers Edge, to further strengthen agricultural risk management for the benefit of growers and retail partners,” said Jascha Prosiegel, Market Lead North America at Munich Re.
Learn more about our drive to create sustainable agriculture here.