The collaboration between Absolute and DigiSafe will enable them to reach millions of farmers and realise our vision of improving access, availability, and affordability in the rural insurance space.
Absolute, a plant bioscience company, has launched the country’s first do-it-yourself insurance marketplace, Digifasal. The product is introduced on Upaj, Absolute’s agcloud ecosystem that serves a million farmers at every stage of crop production with services such as soil testing, advisory, and now, insurance.
According to a statement from the company, Absolute has used DigiSafe’s InsureTech capabilities to increase insurance penetration in the country. DigiSafe Insurance, founded by Anupam Shrey and Suman Roy Choudhury, is a rural insurance provider.
“Adverse climatic conditions have resulted in India losing approximately 69 million hectares of crop area in the last six years,” said Sourabh Bagla, Director, Upaj, Absolute. As a result, hundreds of farmers have died due to debt. Because agriculture is so vital in the Indian economy, timely insurance payouts and security coverage can be a huge help to farmers and the sector.”
“Taking this into consideration,” Bagla continued, “we have transformed our personalised farm-specific advisory application, Upaj, to enable customisable insurance to farmers, furthering our pursuit to make a farmer’s life easier and more successful.”
“We are proud to associate with Absolute’s mission to transform agriculture globally,” said Anupam Shrey, Founder & MD of Digisafe. Our synergies will allow us to reach millions of farmers and realise our vision of improving access, availability, and affordability in the rural insurance space.”
Upaj has been developed by over 100 artificial intelligence and machine learning engineers over the course of seven years, with extensive research to make precision agriculture easier to implement.
Digifasal will supplement insurance schemes such as the Pradhan Mantri Fasal Bhima Yojana by providing farmers with affordable insurance options.
Insurance penetration in rural India is less than 4% due to pricing, a lack of trust, and lengthy claim settlement processes. Farmers can choose parametric insurance products from several insurers available in their respective pin codes thanks to the DIY insurance marketplace.
First published on: 26 Nov 2022, 07:07 IST
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