Hyderabad, Sep 22 : Small underserved farmers in Telangana will have access to personalised crop insurance products and advisory services under a state government initiative in partnership with an insurance technology firm.
The initiative is expected to help Telangana to promote social inclusion and digital transformation in agriculture.
It will support the government’s objectives to promote economic empowerment and offer opportunities for collaboration, innovation of value chains, growth and job creation.
The state government has signed a Memorandum of Understanding (MoU) with Wingsure, an insurtech venture spin-out of SRI International (formerly Stanford Research Institute).
The firm will collaborate with government agencies to develop a ground distribution strategy by leveraging its deep-tech platform, including AR (Augmented Reality), AI (Artificial Intelligence), ML (Machine Learning)-based personalised solutions, along with voice bots and natural language processing, to allow farmers to communicate in their native language.It will curate and distribute crop and other general insurance products via its network of insurers and broker partners.
It will also provide customised advisory, training, and facilitate rapid insurance claims through its mobile-based platform.
The Information Technology, Electronics & Communications (ITE&C) Department of the Government of Telangana will guide and facilitate the implementation of the solution.
The agriculture department will offer on-ground implementation through its existing network.It will assist in prioritising and disseminating critical training and advisory services for the farmers, including data acquisition.
The Professor Jayashankar Telangana State Agricultural University (PJTSAU) will offer its domain expertise through its research centres across the state.It will provide advice and expertise on risk mitigation specific to crop, climate, and a few other critical areas through Wingsure’s platform.
Jayesh Ranjan, Principal Secretary, ITE&C, Telangana Government, said the association will ensure hyper-local data correlation with deep technology to deliver numerous services for the individual smallholders.
Avi Basu, Founder and CEO of Wingsure said their deep-tech platform for comprehensive risk resilience, including risks related to climate change and meaningful engagement with farmers and all stakeholders in the agricultural value chain, will be instrumental in delivering broad-based impact for the Telangana farmers.
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