In the ever-evolving world of crop insurance, Precision Risk Management (PRM) is committed to staying ahead of the curve for our customers. We’re excited to announce policy changes made by the Risk Management Agency (RMA) that can greatly improve your crop insurance reporting.
The Backbone of Change: Same-Year Production Reporting
Behind every great policy change is a powerful strategy. In this case, it’s the move to same-year production reporting. Previously, production was processed in the year following, causing a time lag and potential complexities. For instance, 2022 production was processed in 2023. Now, with the switch to same-year reporting, 2023 will be processed in 2023. This change forms the cornerstone of our efforts to better serve you.
Seizing the Advantages
The switch to same-year production reporting unlocks a host of benefits for PRM customers. If you provide your production reporting to PRM immediately after harvest, you capitalize on this change. Here’s why you should be excited:
1. Prompt Claims Triggered by Revenue Losses
In the past, the delay in production reporting could lead to waiting for claims processing. However, with same-year reporting, revenue losses this year can promptly trigger claims. You’ll experience faster, more timely claim payments precisely when you need them.
2. Fresh Data for Easier Processing
Processing production in the same year empowers you to work with data while it’s fresh and top of mind. No more struggling to recall details from last year’s production data. This change simplifies the process and enhances your convenience.
3. Precision in Next-Year Policy Quoting
Perhaps one of the most exciting benefits of this change is the accuracy it brings to next-year policy quoting. With up-to-date Actual Production History (APH) databases, we can provide you with precise crop insurance quotes for the next year. Say goodbye to last-minute policy arrangements and enjoy peace of mind with your policies locked in well in advance.
Bottom Line:
At PRM, we’re dedicated to enhancing your crop insurance experience. The switch to same-year production reporting serves as the catalyst for these improvements, ensuring faster claims processing, greater convenience, and well-prepared policies for the future. As we conclude harvest, keep your Risk Management Advisor involved. They and your Data Specialist are here to help collect your production reports and reduce your reporting burden. Provide your production reports as soon as you have the data and receive all the benefits this year. Stay tuned for more updates, and remember, at PRM, your success is our top priority.
