AGI3 RISK SERVICES LTD. LAUNCHES AI-BASED CROP INSURANCE FOR FARMERS IN COLLABORATION WITH DEFINITY

WINNIPEG, MB, July 10, 2023 /CNW/ -  Agi3 Risk Services Ltd. (ARS), a leader in artificial intelligence (AI) solutions for agriculture risk management, is proud to announce the launch of AgriEnhance™ – an exclusive AI-powered crop insurance solution built to improve the way farmers protect their crops. Capabilities of this product are possible through a collaboration with leading property and casualty insurer Definity Insurance Company, through its brand Economical Insurance.

AgriEnhance™ is the first crop insurance-based offering on the Agi3 platform. The Agi3 platform combines advanced machine learning algorithms with extensive data sources to deliver unparalleled precision in assessing field-level opportunity and risk, including yield potential and vulnerability to various environmental risks. By harnessing the power of AI, the Agi3 platform equips farmers with real-time insights, enabling them to make data-driven decisions and mitigate potential losses effectively.

For farmers, this means the ability to actively manage fields, generate advanced insights that enable the implementation of best practices and sustainable farm management, reduce greenhouse gases, and identify key risk exposures across the entire farm holding. For Definity, this means the ability to effect real-time pricing and coverage adjustments based on forward-looking changing risk profiles and a greater ability to leverage data insights to offer enhanced risk intelligence and prediction and prevention services.

"We are thrilled to introduce AgriEnhance™, our AI-powered crop insurance solution, built on the Agi3 platform, to revolutionize the way farmers protect their crops," says Dr. Lysa Porth, CEO at ARS. "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."

"One of our goals is to become a purpose-driven sustainability leader in the insurance industry. 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," says Obaid Rahman, SVP & Chief Underwriting Officer, Commercial Insurance at Definity.

As the agriculture industry faces increasing climate threats and other challenges, data insights, and flexible risk management are necessary to navigate the growing season. This launch marks a significant milestone in the integration of AI and agriculture, positioning Agi3 as a frontrunner in the development of intelligent solutions for the farming industry.

For more information about AgriEnhance™ and Agi3 Risk Services' innovative solutions, please visit www.agi3.ai.

About ARS

Agi3 Risk Services Ltd. (ARS)¹ is Agi3's exclusive provider of crop insurance solutions in Canada, and, powered by the Agi3 platform, is a leader in artificial intelligence solutions for agriculture risk management. Agi3 combines advanced machine learning algorithms with extensive data sources to deliver unparalleled precision in assessing field-level opportunity and risk, including yield potential and vulnerability to various environmental risks. Agi3's mission is to empower farmers and promote sustainable agricultural practices through innovative technology solutions.

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¹ Agi3 is supported, in part, by Prairies Economic Development Canada's Jobs & Growth Fund

FAST FACTS 

AgriEnhance™ Protection Highlights

Customized Coverage	offers individualized coverage at the crop level, enabling more precise risk management relative to blanket coverage offerings
Concentrated Risk Protection	focuses on the revenue band – where losses most commonly occur – making it more efficient and tailored than competing government insurance which covers a broad spectrum of risk
Complementary Coverage	designed to complement government crop insurance, allowing farmers to combine coverage to build an optimal risk portfolio tailored to their unique needs
Consistent Cash Flow	ensures a steady cash flow in the event of reduced yields, providing farmers with financial stability
Advanced Analytics and Reporting	farmers gain complimentary access to the Agi3 Enterprise Risk Management platform for farm management, advanced analytics, and reporting
Efficient Processes	the Agi3 platform offers a fast, automated application process and a transparent, streamlined claims payment process
Recognition from Lenders	ARS's superior coverage can enhance farmers' creditworthiness in the eyes of lenders
Risk Diversification	ARS's insurance offerings enable farmers to diversify their risk across multiple insurance programs

SOURCE Agi3

Media inquiries: Lysa Porth, CEO, Agi3 Risk Services Ltd., [email protected]