Sompo International Announces Exclusive Global Insurance Partnership with Leading Software Solution Provider, CropTrak™
PEMBROKE, Bermuda – November 1, 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.”
About Sompo International
Sompo International Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo International writes agriculture, professional lines, property, marine, energy, casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. Sompo International’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo International, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Sompo International, please visit www.sompo-intl.com.
About ARMtech Insurance Services
ARMtech, an operating subsidiary of Sompo International, is a leading provider of federally sponsored Multi-Peril Crop Insurance and other private crop insurance products throughout the United States. A recognized leader in technology, ARMtech is focused on providing superior insurance products and services through a wide network of independent insurance agents. ARMtech’s headquarters are located at 7101 82nd Street Lubbock, TX 79424. To learn more, visit www.ARMT.com or call ARMtech at (800) 335-0120.
CropTrak is dedicated to helping feed the world with safe and traceable food by deploying a flexible enterprise software platform that tracks the production of food using advanced mobile and web-based technologies. Its highly customizable software solution improves customer accuracy, efficiency and timeliness in data collection, management and reporting on a global scale. CropTrak is deployed in 15 languages in over 50 countries to enterprise food and agriculture clients. CropTrak’s global headquarters are located at 6303 E. Tanque Verde Road, Tucson, AZ 85715. For more information, visit www.icroptrak.com.