New Lloyd’s coverholder Harland Green has launched a product for large commercial farming operations.

The underwriting agency aims to “solve complex problems in underserved sectors”, says founder and CEO Glen Drinnan, who previously spent eight years at Allianz.

Its Farming All Risk package initially features industrial special risk insurance (for farm property, business interruption, and plant and equipment) and public and products liability insurance (covering farm operations).

Crop and more elaborate livestock coverage will be considered in the future.

“Our broker experience will feature a high level of data-driven automation, allowing brokers to obtain a quote in a few minutes,” the agency says. “We believe the same data-driven approach should apply to claims.”

Sydney-based Mr Drinnan says reduced insurer support for the agricultural sector has stifled product development.

Harland Green uses aerial imagery and other independent tools for a “crystal clear” understanding of what it is covering.  

“Since I started in the 1990s, the products on offer are similar, the approach is similar and investment in the sector, particularly from the major insurers, is pretty low from an insurance perspective.

“Farming has evolved over the decades, and so must farm insurance. The all-risk farming proposition is an opportunity to really deliver some value in a sector that needs it.”

Harland Green says its use of independent data gives it a deep understanding of customer exposures and insurance needs, allowing it to offer broader coverage than is typically available.

Since leaving Allianz, where he finished as GM specialty two years ago, Mr Drinnan and his team have closely examined the volatile agricultural sector.

“We cracked something a bit unique and fell into farming because we felt it was a great opportunity – if we manage this a different way, we can unlock some real value and actually innovate the product and broader proposition, give the farmers more and make it more sustainable at our end from a profitability standpoint,” he told insuranceNEWS.com.au.

“Now brokers have access to an all-risk product in the agricultural sector that provides peace of mind for everyone. It’s an exciting proposition for the sector and a product that has been welcomed by the select brokers we have engaged with so far.”