Hyderabad

TS, Insurtech firm ink MoU to benefit small farmers

Telangana government and Insurtech firm Wingsure on Wednesday entered into an MoU to provide deep-tech-based personalised crop insurance products and advisory services to small, underserved farmers.

While the State IT Department will guide and facilitate implementation of the solution, the Agriculture Department will offer on-ground implementation through its existing network and assist in prioritising and disseminating critical training and advisory services for farmers, including data acquisition.

Professor Jayashankar Telangana State Agricultural University will offer 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, the firm said in a release.

The firm said it 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.

Their alliance will support the government’s objectives to promote economic empowerment and offer opportunities for collaboration, innovation of value chains, growth and job creation, said Wingsure, which is an Insurtech venture spin-out of SRI International (formerly Stanford Research Institute).

IT Secretary Jayesh Ranjan said the government has identified agriculture as a priority sector and recognises the importance of AI and other emerging technologies in enhancing agricultural productivity and improving livelihood of farmers. “The association with Wingsure will ensure hyper-local data correlation with deep technology to deliver numerous services for the individual smallholders,” he said.

Founder and CEO of Wingsure Avi Basu said, “We are excited at the possibilities of this partnership, where Wingsure’s deep-tech platform for comprehensive risk resilience, including risks related to climate change and our engagement with farmers and all stakeholders in the agricultural value chain, will be instrumental in delivering broad-based impact for the farmers.”


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Printable version | Oct 26, 2021 8:13:33 PM | https://www.thehindu.com/news/cities/Hyderabad/ts-insurtech-firm-ink-mou-to-benefit-small-farmers/article36613934.ece

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