Great American Insurance Group has launched a new profit management tool 'FPAD' (Farmers Profits Answered Daily) to select policyholders in its crop insurance division.
According to Great American Insurance, FPAD will enable farmers to calculate the profit and loss of their operations daily. The new application was developed for better information access for farmers and their bankers and insurance agents and is currently available to corn and soybean producers in 11 US states.
The FPAD application will provide customized profit calculations to each farmer, based on data pulled from the Chicago Board of Trade, the US Department of Agriculture, the Federal Crop Insurance and the farmer’s own data stored within the company’s GreatAg system.
In addition, the new program is expected to enable farmers to determine the proper insurance plans and coverage levels to secure protection in the event of a revenue or production loss and to market crops effectively when yields are better.
According to Tim Copeland, the crop division’s vice president of marketing, FPAD takes the guesswork out of some of the most important business decisions a farmer will make each year.