Risk Management Advisors Do More
Precision Risk Management does not want to just sell insurance. Managing a grower’s risk is far more complex than selling a basic policy. That is where the PRM’s Risk Management Advisor comes in. PRM transformed the role of the agent to be so much more. The Advisor takes a holistic and tailored look at the grower’s operation to identify the specific needs. No two operations are the same and neither are the approaches we take to managing risk.
Based on the needs of the operation, the Advisor may have many different roles: Mechanic, Expedition Leader Builder, and IT. Each role addresses a specific need of the operation. PRM’s Advisors are unique in the industry because of the resources of the PRM policy teams backing them up.
APH Rehab: Mechanic
The Actual Production History (APH) is the foundation of a crop insurance policy. It is used in a large number of calculations including total payout in a loss situation. It needs to be fine-tuned and as efficient as possible just like the tractor on an operation. When the APH is inaccurate it is costing money.
It is time to call in the PRM Advisor Mechanic for a tune-up using APH REHAB – our proprietary program for improving your actual production history score. Just like a real mechanic working on a tractor, the Advisor has a whole toolbox of ways to repair the APH.
The first step is to make sure the Precision Technology is accurate and being utilized to the full potential. See the large impact Precision Technology can have here. This technology can diagnosis the APH problem when an expert is looking at it. Some operations have an outlier yield, and it is dragging down their averages. Field Exclusions can be used to toss those out. Some policies are using the wrong parts to add up to an accurate APH. The Advisor can apply Trend Adjustment to create a better and more accurate APH. A simple change between Rate Yield vs Approved Yield may make a large APH change.
Navigating The Options: Expedition Leader
The options to build a crop insurance policy seem almost endless. There are over 10 million combinations. Between the Risk Management Agency (RMA) and the Farm Service Agency (FSA) they have created a mountain of acronyms like they are trying to get people lost.
The PRM Advisor Expedition Leader can lead the way. No one expects the growers to be experts in crop insurance and keep up with all the program changes. They need a trusted partner to lead the way. The Advisor has a full team of policy experts backing them up to help create the perfect policy for each operation. By listening to the grower and examining the operation’s risks, the Advisor can help clear a path to the right combination of coverages.
Private Insurance Products: Builder
The US federal government is in control of the crop insurance program and that comes with many strings and restrictions. The things on an operation that can be covered by the insurance program are limited to what the government says. Many times, to reduce the risk on an operation, a grower needs to go outside the federal crop insurance program.
Now, the Risk Management Advisor puts on his hardhat to become a Builder. Precision Risk Management has the unique resources to create private insurance products designed specifically for the individual operation. The Advisor will meet with the grower to listen about the operational risks that have no coverage. The insurance product is then tailor-made for the operation without restrictions imposed by the government. These one-of-a-kind products are built for the long-term success of the operation.
Precision Technology: IT
Precision Technology has never been more useful to a grower. It can help the grower create the most efficient operation for their crop insurance reporting. Many of the crop insurance risk management solutions are only possible with precision technology.
PRM’s Advisor teams up with the Data Specialist to be the IT Team. Data Specialists are devoted to helping the insured farmer set-up and year-round support of precision technology for crop insurance. The PRM Data Specialists partner with the grower to create the most accurate acreage and production reporting. This is achieved by PRM team members going on-farm to set up the precision technology on existing equipment the grower already possess. Find out more here.
Get in touch with a PRM representative
Precision Risk Management’s precision technology set-up process is only intended for use with crop insurance data collection and reporting. Other applications of the precision technology are possible but are not provided by PRM.