Agriculture Insurance Company Limited (AICIL), under the Ministry of Finance, Government of India, has signed a three-year agreement with Wingsure, an Insurtech company that uses artificial intelligence and advanced technology to protect farmers worldwide.
As part of the agreement, Wingsure will use its technical expertise to improve the availability of insurance products and services to farmers in India; develop and enhance AICIL’s comprehensive portfolio of agricultural insurance products and enable its distribution through channels including groups and broker partners on a mobile application.
Agriculture and allied sectors are the main sources of livelihood in India and most of the rural households are heavily dependent on agriculture and 86% of the households are small and marginal. However, farmers are vulnerable to climate change and other livelihood risks and have access to disaster management programs and modern resources. Launched to support economic empowerment and transparency and promote development through modern farming practices, Wingsure uses computer vision, augmented reality, and voice capabilities to provide smallholder farmers with information and simplify the insurance process. This partnership will benefit more than 40 million farmers in India and will focus on how farmers mitigate and adapt to climate change and other risks to livelihoods.
“We firmly believe that technology implementation is key to providing insurance and thereby protecting the underserved. Through our association, we will utilize the Wingsure technology platform to support our vision of how farmers can leverage insurance to mitigate risk.”
-Malay Poddar, Chairman and Managing Director, AICIL
Avi Basu, founder, and CEO of Wingsure said Wingsure’s deep technology platform is transforming the insurance and financial products for smallholder farmers to protect their livelihoods. It is designed to provide full access to disaster management programs, climate intelligence systems, and other modern resources and government-sponsored programs. The app uses artificial intelligence and machine learning (ML) to process insurance claims and claims quickly. We are excited to partner with AICIL in their vision to use technology to strengthen the resilience of Indian farmers.
About Agriculture Insurance Company of India Limited-
AICIL, controlled by the Government of India, has implemented crop insurance schemes of the Government of India since 2003-04. Currently, AICIL implements Pradhan Mantri Fasal Bima Yojana (PMFBY), Bangla Shasya Bima Scheme (BSBS), and Restructured Weather Based Crop Insurance Scheme (RWBCIS) among others and many of them are farmer insurance schemes.
About Wingsure-
Wingsure uses artificial intelligence and advanced technology to protect farmers around the world. The company works in both developing and developed countries, focusing on farmers excluded from traditional financial services. Wingsure is committed to providing farmers with competitive technology and security to protect the dignity and sustainability of people around the world.