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Milan, Sept. 6, 2022 - Zurich Italy and xFarm Technologies today launched an important project to innovate policies in the agriculture sector, and help build a more sustainable future. Zurich, which has always been attentive to the needs of farms and in particular organic farms, has in fact decided to join forces with xFarm Technologies, the tech company that with its digital platform supports and simplifies the work of 110 thousand farms spread over 1.5 million hectares in more than 100 countries around the world.
In a world that increasingly needs Agriculture 4.0, so as to cut CO2 emissions and make the agricultural sector more efficient and productive, applying smart farming to the insurance sector is a pioneering move. The project launched by Zurich and xFarm Technologies, and for now focused on the Italian market (where Zurich has been present since 1902), is among the first of its kind in Europe, and has great potential both economically and technologically, and in terms of sustainability.
Zurich, thanks to constant dialogue with farmers and consortia, has structured tailored protection solutions to protect companies in the sector characterized by specific risks related to agricultural activity and in particular to organic farming.
Zurich Farm, the coverage dedicated to the industry, is now further enhanced by the digital platform developed by xFarm Technologies, aimed at driving the digital transformation of the entire supply chain toward an Agriculture 4.0 model.
In the first phase of the project, which will be officially presented at SANA, the Organic Fair in Bologna to be held from September 8 to 11, the farm insured with Zurich will automatically enjoy the activation of the sustainability module of the app xFarm, thanks to which it will be possible to make the management of the farm itself smarter and more efficient; farmers will thus save time and money, and have a new digital tool.
In a second phase of the project, thanks to the data collected by app, it will be possible to tailor each policy to the actual needs of the farm. Considering that, due to climate change, 2022 has been a year of severe hardship for the primary sector, affected by drought and extreme weather events, offering farmers the best advice and tools suited to their needs is crucial.
In addition, thanks to the data that the app xFarm will collect 24 hours a day (ad es. data from IoT devices, images from satellites, field notebook), when a damaging event occurs, such as a hailstorm, tornado or dry spell, Zurich will be able to verify the damage in real time and objectively, and will be able to automatically provide reimbursement without the need to ask the farmer for extensive and detailed documentation.
Thus, the future aimed at by the project launched by Zurich and xFarm Technologies are so-called parametric insurances, which make it possible to customize the policy (in base to parameters such as the area where the farm operates, or the type of crops it grows) as well as to make the recognition of the damage and its settlement safer and more scientific, on base certain parameters.
"Zurich is a global leader in the insurance industry, and for many farmers it represents an important interlocutor when it comes to protecting their farm. For us at xFarm Technologies, it is a source of great pride to work with Zurich to offer Italian farms a service that combines Agriculture 4.0 and insurance," says Matteo Vanotti, CEO of xFarm Technologies.
Elena Rasa, Chief Underwriting Officer Zurich Italy, comments "Italy, with more than 2 million hectares, is to date a leader in the organic sector, registering a significant growth (of +233%) of the national organic market since 2008. This is an achievement that, as an insurance company, we want to safeguard by supporting and protecting companies operating in the organic agricultural segment, which have been affected especially in the last year by extreme weather events. With this in mind, the collaboration with xFarm Technologies allows us to offer farmers tools more in line with their needs to protect them more effectively and easily."
Confirming themselves as promoters of a vision based on 360-degree adherence to the highest ESG standards, Zurich and xFarm are actively working to promote environmental sustainability and are participating in SANA with a permanent booth made entirely of environmentally sustainable materials.
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