NEW DELHI, December 17, 2022 /PRNewswire/ — Unexpected rains in several states have hurt crops ready for harvest, including rice, soybeans, cotton, legumes and vegetables, at a time when India is facing a probable dietary grain shortage due to reduced sowing of kharif crops, especially rice. In addition, unusual rain is likely to damage 15-20% of summer-sown crops. of India Poor harvests are expected to affect millions of rural small farmers. As a result, the need and demand for crop insurance is likely to increase.
Crop insurance protects farmers from two potential losses: crop losses – caused by natural disasters – and loss of income – caused by a fall in the price of agricultural products. However, parametric crop insurance is based on predefined characteristics such as precipitation rather than crop yields. Parametric Crop Insurance offerings allow farmers to receive faster claims settlements in the event of natural or weather disasters such as unusual rainfall.
While acknowledging the challenges in traditional insurance models, Devendra Fadnavis, Deputy Prime Minister of Maharashtra, was recently reported to emphasize the importance of crop insurance and recommend active innovation in the agri-fintech ecosystem.
Absolute’s unique do-it-yourself insurance platform, built on the AgCloud ecosystem Upaj, is evolving into a tangible solution to farmers’ problems, erecting safety nets to protect all types of farmers from catastrophic weather events. With the DIY insurance marketplace, farmers have the freedom to select parametric insurance products from multiple insurers, available under their respective PIN codes.
Upaj, Absolute’s world’s first universal AgCloud ecosystem, provides farmers with comprehensive agronomy solutions to receive harvest recommendations via AI and ML. It has enabled crop insurance feature for added security for farmers. Create of India Absolute’s Upaj, the first DIY marketplace for parametric crop insurance, allows farmers to customize their own insurance coverage at the level they want and helps farmers calculate insurance premiums for specific crops, in terms of their areas and the amount of coverage.
Zurab BaglaDirector of Upaj, Absolute said, “Crop insurance programs have existed in the past, but they have been plagued with limited adoption and slower assessment rates. With a technology-driven strategy and a focus on parametric insurance, we intend to speed up the process while maintaining its accuracy. We believe that by creating a sustainable ecosystem that engages at every stage of the agricultural lifecycle, we can help resilient growers thrive through the shift to sustainable techniques.”
Anupam ShreyFounder said Digisafe, “With this collaboration, we want to strengthen the government’s efforts in the existing insurance systems and complement them with our services for deeper rural penetration. Our motivation stems from ensuring a sustainable and better economic livelihood for farmers, as we believe they play a crucial role in driving the country’s economic wheels forward.”
Absolutely® is a pioneering life sciences company that harnesses the best of nature, science and exponential innovation to build a better future – for people, for the planet.
Fusing plant biology, microbiology, omics, epigenetics and AI, the company has developed one of the world’s first and largest Nature Intelligence platforms, representing one of the world’s largest libraries of microbes, secondary metabolites, signaling molecules and other advanced biocontrol and stimulant drug libraries, all Ag drive the absoluteCnoisy platform & global trading platform.
Absolut was founded in 2015®️ currently operates in more than 16 countries. Powered by Sequoia, Tiger Global and alpha waveBelonging to the Angels of the Absolute Nadir Godrej– Managing Director of Godrej Industries, Kamal Aggarwal– Promoters of Haldiram and Kunal Shah-CRED, among others.
DigiSafe is an insurtech startup that recognizes the need for rural insurance penetration India. DigiSafe intends to be the local digital insurtech for the economically lagging areas Indiawhere they can offer their simplified products, crop, livestock and other insurance products.