What Are the Benefits of Using Precision Data?

What Are the Benefits of Using Precision Data?

FBN Insurance

Feb 16, 2022

Collecting and analyzing data is a key factor of success for modern farmers. Almost 86% of farmers said that they want to use data tools that will make their operations more profitable (1). And of course, who doesn’t want to be more profitable? 

But another interesting use case for data analysis is for crop insurance benefits or payment reductions. 77% of farmers said this is an incentive for collecting and sharing data. 

What is precision ag?

Precision ag is a way to record the events you’re doing in your fields. These days, a lot of new machines will record  all of the activities you’re doing in your field and provide you with data to analyze. But there are still a number of machines where you need to input your data in order to record what’s going on in the field based on GPS data. 

So how can you use the data that’s captured? The raw data won’t be much good unless you have a way to analyze it. That’s where some of our free tools will be able to help you make sense of all this useful data. 

Benefits of precision ag 

Convenience

Don’t let the data that you’re already capturing go to waste. You can upload your data from multiple displays and is compatible with multiple FMS products into your FBN® account. 

Save time and money

With more accurate data, you’ll always insure exactly what you plant and increase your APH while lowering your premium. And you’ll have fewer records to take care of when adjusting a loss. So reporting a claim will take less time and allow you to get back to your operation. 

How much money can I save?

As your APH data gets more accurate, so do your claims. On average, farmers are saving 4% on their crop insurance premiums by using their precision ag data.

If you’re reporting fewer acres, this results in a higher reported yield. The higher adjusted APH could help you at claim time.  The higher guarantee as a result of an improved APH will be the first dollars that are paid in a loss situation.

How to use precision data

Acreage and production reporting

Use the data you are already collecting for required crop insurance reporting after planting and harvest. 

Claims

Using just three precision records, your adjuster can adjust a loss in a fraction of the time.

APH Reviews

Use your electronic precision records for supporting a review to save time, provide the most accurate data available, and improve record organization.

Trust and privacy

One of the biggest pain points farmers face is knowing which system to use for data analysis. There’s an overabundance of software on the market and it can be difficult to decide which tool offers the best reports. 

But for many farmers, there’s also concerns about how their data will be collected and used. 

Ag Data Transparent

FBN is proud to be certified as Ag Data Transparent (ADT). We have always put Farmers First® and want to be open and transparent about the data we collect. Being certified ADT affirms our data and analytics services are private and secure. 

Need a second opinion on your crop insurance?

Click here to learn more about our expert agents and data-backed approach to crop insurance.


Resources (1) - Farmer Perspectives on Data 2021

Copyright © 2014 - 2022 Farmer's Business Network, Inc. All rights reserved. "Farmers Business Network", "FBN", “FBN Direct”, "Farmers First" and the Farmers First flag logo are registered service marks of Farmer's Business Network, Inc.

We are an Equal Opportunity Provider. FBN Crop Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan) and are only available where FBN Insurance LLC is licensed. FBN membership is not required to purchase through FBN Insurance LLC, but certain features are only available to FBN members. FBN Crop Insurance is currently offered in the following states: AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY.

FBN Insurance

Feb 16, 2022