What Are the Benefits of Using Precision Data?

FBN Insurance

Jan 26, 2023

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, many new machines will record all of the activities you’re doing in your field and provide you with data to analyze.

Once you have raw data, you'll need a way to analyze it so it doesn't go to waste. By uploading your data from multiple displays and from multiple FMS products into your FBN® account, you can use free FBN tools to make sense of your data points. 

Benefits of Precision Ag 

Save Time

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 more quickly.  

Save Money

As your APH data gets more accurate, so do your claims. This means 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.

[WATCH: Data Driven Insurance: Using Data to Make Informed Decisions]

How to Use Precision Data

1. Acreage and Production Reporting: Use the data you are already collecting for required crop insurance reporting after planting and harvest.

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

3. 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 are also concerns about how their data will be collected and used. 

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?

With a range of tools that provide a virtual snapshot of what risk looks like in your area and on your farm, our team utilizes more than 30 years of data and FBN insights to compare different scenarios and see how they would work for you.

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

Resources (1) - Farmer Perspectives on Data 2021

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We are an Equal Opportunity Provider. FBN 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). FBN membership is not required to purchase through FBN Insurance LLC, but certain features may only be available to FBN members. FBN Crop Insurance is currently offered in all U.S. states.

FBN Insurance

Jan 26, 2023

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