Sompo International Announces Exclusive Global Insurance Partnership with Leading Software Solution Provider, CropTrak™
Bill Sinn | November 07, 2018
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that the company has entered into a strategic partnership with CropTrak™, a leading provider of technology solutions for the food and agriculture markets. CropTrak’s enterprise software platform enables growers, enterprise food and agri-business companies on a global basis to measure and increase the sustainability, traceability and regulatory compliance of crop production. Real-time monitoring, reporting and predictive analytics help CropTrak clients improve farm and food production practices. The new exclusive global partnership between Sompo International and CropTrak will provide advanced insurance and risk management solutions to growers, insurance agents and agri-businesses.
This global partnership is an expansion of a strategic relationship that began in 2016 in the U.S. between CropTrak and ARMtech Insurance Services, a wholly-owned subsidiary of Sompo International and the sixth-largest underwriter of U.S. federally sponsored crop insurance. ARMtech’s cutting-edge crop insurance software, AgriNet, integrates with CropTrak to provide clients and agents an accurate and efficient mechanism for insurance data collection and acreage and production reporting under the trade name AgKeeper™.
AgKeeper uses advanced mobile and web-based software to improve the accuracy and efficiency of data collection, management and reporting across the agriculture and food supply chain. The software combines in-field data entry with integration into smart sensors with Internet of Things (IoT) capabilities to support agronomy, food safety, regulatory compliance and sustainability initiatives. Sustainability and productivity are becoming quite critical to agriculture profitability in key markets around the world where AgriSompo, Sompo International’s global platform, delivers innovative insurance and reinsurance solutions for agribusinesses.
Mr. Brian Goshen, Chief Administrative Officer, Sompo International, will join the CropTrak Board of Directors. Mr. Goshen commented, “We look forward to partnering with CropTrak as we continue to enhance our crop insurance capabilities and expand our presence in the U.S. through ARMtech and the global markets we serve through AgriSompo. By leveraging cutting edge technology solutions, we will deliver enriched insurance products, solutions, and customer experiences across a wide range of agribusinesses globally.”
Mr. Michael Smith, CEO of ARMtech added, “Expanding our existing relationship with CropTrak enables us to provide our agriculture clients with AgKeeper’s best-in-class technology to support product traceability and sustainability. ARMtech’s reputation is built on extensive agribusiness experience and exceptional customer support, so AgKeeper’s capabilities will expand the crop insurance solutions and productivity-enhancing tools we offer to our farmers and agents.”
Mr. Aaron Hutchinson, President and Cofounder of CropTrak, remarked. “We are pleased to expand our existing relationship with ARMtech into a strategic partnership with Sompo International. We look forward to combining our leading-edge technology solutions with their expertise in crop insurance and risk management to enhance the global suite of products that we offer our premier food and agriculture clients.”
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