Crop insurer Latevo International is seeking more brokers to distribute its product nationally,  having decided to abandon its former direct market approach.

“There were issues with a crop insurer selling direct and we are now talking to agents [about] selling our products this year,” CEO Andrew Trotter told insuranceNEWS.com.au.

“We already have about 40 agents who have signed up for this season, but those interested in joining have to sign up by March 6.”

The company will hold a training session in Sydney that brokers must register to attend.

Mr Trotter says agents cannot sell Latevo’s crop insurance unless they take part in the session.

“We also want the agents to be part of the national roadshows we will be running, so they need to be educated in how the product works.

“The roadshows will be run in conjunction with Strategis Partners.”

Latevo will again offer its Certainty all-perils product to grain growers nationwide, with Allianz underwriting the cover.

Mr Trotter says $2 million was paid out on claims triggered by water stress and frost in last year’s pilot program.

“We have now proved the model works and people are now coming to us for cover.

“Farmers are understanding how insurance covers their costs if they have a bad year, so it is a good news story for them.”

Latevo received claims from every state except WA last year. Mr Trotter says some farmers received hundreds of thousands of dollars.

With winter crop coverage established, he says Latevo will look at other sectors to cover later this year.