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USDA approves new crop insurance provider

Field of tasseled corn.
STRATEGIC VISION: A new crop insurance provider, Crop Pro Insurance, will offer risk management solutions for emerging as well as traditional ag markets.
Iowa-based risk management firm receives USDA approval to provide federal crop insurance.

Crop Pro Insurance, a new managing general agent specializing in crop insurance, recently received Standard Reinsurance Agreement (SRA) approval as an MGA for an “A” rated insurance company from USDA. The approval makes Crop Pro Insurance one of only 16 companies in the world eligible to participate in the Federal Crop Insurance Program.

The SRA status is one step in the company’s overall strategic vision to provide risk management solutions for both traditional and emerging agriculture markets.

“First and foremost, we are committed to serving the needs of the traditional crop insurance market,” says Billy Rose, chairman of Crop Pro Insurance. “At the same time, agriculture is evolving as new technologies come to market and emerging markets are developing. The SRA approval enables Crop Pro Insurance to offer federal crop insurance, while Crop Pro also creates and provides risk management solutions. These solutions will help growers and agents manage the potential financial risk in using new technologies and participating in these emerging markets.”

Advancing future of agriculture
The Crop Pro Insurance team brings extensive experience in both the agriculture industry as a whole and the Federal Crop Insurance Program specifically.

“Crop Pro Insurance may be a new company, but we are not new,” says Joe Young, president of Crop Pro Insurance. “We have decades of proven experience in bringing solutions to agents and growers alike.”

As chairman of Crop Pro Insurance, Rose will call on over 20 years of experience in the crop insurance industry in building this entrepreneurial venture. Young brings 29 years of industry knowledge and management experience to his position as president of Crop Pro Insurance. Prior to this, he led insurance operations at The Climate Corp., John Deere Insurance Co. and AmTrust Agriculture Insurance Services.

The company will use its expertise in agriculture, technology and insurance to help growers adjust to changes in the ag industry and increase yields and revenue.

Accelerating new technology adoption
The ag industry is already working to address consumer demands for non-GMO food and to develop sustainable growing practices that U.S. growers are having difficulty meeting and implementing. New technologies are improving non-GMO yields, but non-GMO crop production is not widely practiced by growers due to the perceived risk involved with forgoing more traditional growing practices.

“Eighty percent of non-GMO products consumed in the U.S. are imported from other areas of the world and new biologicals can replace the use of existing crop protection products,” says Rose. “In order to position the U.S. as a leader in the non-GMO and sustainable markets, we have to provide growers the support and income assurance they need to confidently embrace new technologies more rapidly.”

Crop Pro Insurance is in a unique position to alleviate risk and accelerate adoption of emerging technologies with progressive private insurance policies designed to increase yields and maximize premiums for growers, he says.

Delivering solutions through network
Crop Pro Insurance will focus its initial efforts on 13 core Midwest states. Working with its select network of agents, the company will begin offering differentiated market solutions for the 2018 spring growing season. The company views the agents as vital partners in advancing the ag industry as opposed to a delivery system for its products.

“We are building Crop Pro Insurance in partnership with our agents,” says Young. “We are the company bringing differentiated solutions that will make our agencies stand out in the marketplace, helping them retain current customers and attract new customers all while increasing revenues for both growers and agents.”

Crop Pro Insurance presents agencies with traditional and progressive risk management solutions that will protect growers as the industry adapts and changes. These strategies are designed to help agents and growers capitalize on new technologies and increase revenues without sacrificing the reassurance that comes with traditional crop insurance policies.

“We have equity partners who support our vision of serving the traditional crop insurance market while bringing innovative solutions that will help growers de-risk the adoption of new technologies and emerging markets,” says Rose. “Our mission isn’t to be the largest provider. Our mission is to be the best provider.”

Headquartered in Des Moines, Crop Pro currently operates in Midwest states through a network of independent agents.

Source: Crop Pro Insurance

 

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