The collaboration between Nurture.farm and HDFC ERGO seeks to alleviate farmers’ misery on account of losses attributable to premature and unfavourable circumstances throughout the farming life cycle.
Agritech enterprise nurture.farm has partnered with HDFC ERGO General Insurance Company to enhance and develop its insurance options for the platform’s 2.3 million farmers. Most farmers don’t buy insurance as a result of the premiums are too excessive and the paperwork is simply too time-consuming.
Because of the widespread nature of this concern, nurture.farm intends to supply its insurance options to practically 2 million farmers and can constantly innovate to present danger mitigation options to increase farmer resilience, in accordance to a press release from the corporate.
“India’s low insurance penetration is a source of great distress for our farmers, who face a variety of risks such as pests, weather, price volatility, misfortune on the farm, and so on. The absence of product offerings and insurance solutions that protect them from these risks leaves them financially vulnerable and vulnerable to exploitation. Our collaboration with HDFC ERGO aims to alleviate farmers’ distress caused by losses resulting from untimely and unfavourable conditions during the farming life cycle. This collaboration will help us get closer to our vision of making farmers resilient and providing sustainable outcomes to India’s farming community,” stated Pranav Tiwari, CTO of nurture.farm.
“At HDFC ERGO, we are committed to bringing in innovative insurance solutions to provide financial security and also encourage sustainable farming,” stated Hiten Kothari, Appointed Actuary. Given crop insurance’s low penetration, the enlargement of climate insurance merchandise is crucial. We firmly consider within the imaginative and prescient of nurture.farm and look ahead to a protracted and fruitful collaboration.”
The mission of nurture.farm is to strengthen agricultural outputs, making them worthwhile and sustainable for future generations. In addition, the corporate just lately obtained a company company licence from India’s Insurance Regulatory and Development Authority (IRDA) to help farmers in accessing modern insurance options at reasonably priced costs.
The firm additionally plans to supply distant sensing-based farm-level insurance to farmers, mitigating crop, well being, and revenue dangers. The agriculture ecosystem at Nurture.farm consists of an agriculture app, an agri-input e-commerce platform, farm mechanisation, agricultural consultancy companies, farm advisory, and easy accessibility to farming options.
First revealed on: 06 Oct 2022, 08:25 IST
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