Farmers Business Network Adds Insurance Component to Its Portfolio for Cost-Conscious ProducersMon, 26 Nov 2018 12:42:11 CST
Farmers Business Network is an independent, unbiased, and objective farmer-driven information source - focused on the facts of raw performance. Through shared agronomic precision data, FBN helps its farmer customers make better decisions on seeds and agronomics by unlocking the true power of data comparison and analytics. The company’s success has exploded since it was first established in 2014 and has spread to a network of thousands of farmers managing over 8 million acres. As the company continues to disrupt the current marketplace and how farmers do business, their team has worked to roll out new innovative products and services to expand on the company’s original mission. FBN took that leap once again just recently, with the launch of its newest product offering and line of business - FBN Insurance. Radio Oklahoma Ag Network Associate Farm Director Carson Horn visited recently with FBN’s Head of its new insurance platform, Lucas Strom. Listen to their complete conversation by clicking or tapping the LISTEN BAR below at the bottom of the page.
“We’re bringing a different approach to crop insurance,” Strom said. “This works really well with what we’ve done agronomically with our farmers.”
Strom continued, “Our farmers can load their planting data, their harvest data - we combine that with weather information and we can provide an analytical consultation to our farmers around crop insurance based on that data we have with them.”
Given the differences that every farm has unique to its operation, Strom says FBN Insurance is capable of making all the necessary considerations that take into account things like crop marketing implications, geographic factors, an operation’s propensity for risk and even a change in weather patterns - to help farmers make the right decisions on which insurance products are right for their businesses be it a federal program, a private product or a proprietary product through FBN.
“We can cover a wide range of product offerings that would be tailored to an individual farm,” he said. “We’re focused on making that decision easier, but also on managing and tracking your information which will also be able to automate reporting in the future and ultimately make this an easier enrollment period or process on an annual basis for our farmers.”
According to Strom, even with all the services that FBN as a whole offers, this is just the beginning for the company. He says the FBN team is continuing to work on developing new services that will combine crop marketing services, packaged with crop insurance options and treat it all as one risk management tool.
“We’re in the early stages but we’ve hired a very seasoned team already,” he said. “We’re licensed in 19 states. We’re already signing up policies and this is something we’re going to build up aggressively and look forward to a very busy winter and spring sales season.”
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