Insurtech Wingsure said Thursday it has partnered with state-owned AICIL to promote crop insurance to farmers by leveraging technology and selling policies through its mobile app.
The partnership will help Wingsure access over 40 million farmers (4 crores) in India and focus on transforming how farmers mitigate and adapt to climate change and other resource-related risks. subsistence, he said.
Wingsure leverages artificial intelligence (AI) and advanced technology to protect farmers around the world through its insurance plans.
Agriculture Insurance Company of India Limited (AICIL) has signed a three-year agreement with Wingsure under which advanced technological capabilities will be harnessed to significantly enhance the accessibility of insurance products and services to Indian farmers, according to a statement.
As part of the partnership, Wingsure will also curate and promote AICIL’s full portfolio of agricultural insurance products and enable its channels, including partner groups and brokers, to distribute them on its mobile app.
Farmers are vulnerable to the impact of climate change and other livelihood risks and have suboptimal access to risk awareness programs and modern resources.
Launched to support economic empowerment with transparency and promote sustainability through modern farming practices, Wingsure’s app leverages advanced computer vision, augmented reality and voice capabilities to deliver insights and facilitate processes underwriting and claiming insurance for small farmers, the statement said.
”We strongly believe that the implementation of technology is essential to provide insurance and thus protect the underserved. Through our association, we will use the Wingsure technology platform to support our vision of how farmers can leverage insurance to mitigate risk,” said Malay Poddar, President and CEO of AICIL.
Wingsure’s high-tech platform is revolutionizing the way smallholder farmers leverage insurance and financial products to protect their livelihoods, said Avi Basu, Founder and CEO of Wingsure.
“It is designed to provide optimal access to risk awareness programs, climate-smart practices and other modern resources as well as government-supported programs. The app uses AI and machine learning (ML) to quickly process insurance underwriting and claims,” Basu said.
He said the use of technology will build the resilience of farmers in India when it comes to business insurance.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)