Plant biology company Absolute has launched Digifasal self-insurance.
The product will be featured on Upaj, Absolute’s agcloud ecosystem, which provides one million farmers with a one-stop solution at every stage of crop production, with services such as soil testing, advice and now insurance.
As part of this partnership, Absolute has leveraged the power of DigiSafe InsureTech to increase insurance penetration in the country, the company said in a statement.
DigiSafe Insurance, founded by Anupam Shrey and Suman Roy Chowdhury, is an insurance provider in the rural sector.
Surabh Bagla, director of Upaj, Absolute, said: “Unfavorable climatic conditions have resulted in India losing about 69 million hectares of crop area over the past six years. As a result, hundreds of farmers were burdened with debt. As agriculture is an important part of the Indian economy, timely insurance payments and guarantees can be a huge boost for farmers and the sector.”
Bagla added: “With this in mind, we have redesigned our personalized farm-specific advisory app, Upaj, to now provide farmers with customizable insurance, furthering our commitment to making farming life easier and more successful.”
Anupam Shrei, Founder and Managing Director of Digisafe, said: “We are proud to partner with Absolute’s mission to transform agriculture globally. Our synergy will allow us to reach millions of farmers and realize our vision of solving the problem of affordability, availability and affordability in the rural insurance space.”
Developed by over 100 AI and machine learning engineers over seven years of extensive research, Upaj has continually added modules to make precision farming easier to implement.
Digifasal will complement existing insurance schemes such as Pradhan Mantri Fasal Bhima Yojana and remove barriers by providing farmers with affordable insurance options.
Insurance penetration in rural India is less than 4% due to pricing, lack of trust and delays in claims settlement. In the DIY insurance market, farmers will be able to freely choose parametric insurance products from several insurance companies available through their respective pin codes.