RMSI, an Indian multinational that focuses on solutions around location risk intelligence, would this year offer ‘AgriRisk’ scores at district levels, enabling insurers and banks to better understand the riskiness around likely loss of agricultural yield, a top official said.

AgriRisk scores will be delivered through RMSI’s ‘PIERonline’ platform, a pay-per use risk management portal built on its PIER (Profiler for Insurance Exposure & Risk) risk assessment tool, Anup Jindal, CEO & Joint Managing Director, RMSI told BusinessLine here.

“Just as we used location-level analytics to provide a score for property, we plan to extend the same to agriculture and provide AgriRisk score. It’s almost like a credit score. The only thing here is putting a number to likely crop yield default”, Jindal added.

AgriRisk scores will also be handy for private insurers who have to bid with State governments for the Pradhan Mantri Fasal Bima Yojana (crop insurance scheme).

RMSI’s business model is quite interesting. They use their location risk intelligence and apply it on certain assets (say, property, agriculture etc) and deliver the reports through a cloud-based service.

Jindal also said that RMSI may look at ‘motor’ in the coming years after implementing its planned foray into AgriRisk scores.

EXPANSION

For its expansion, RMSI is now eyeing South-east Asia and may start using its ‘PIERonline’ platform for this purpose. It will be like export of service and RMSI will use location-based analytics to put reports on property etc in the South East Asian countries in this portal.

“Our goal is to go into markets where there is sufficient growth in population, growth in economy and under-represented in terms of information availability”, Jindal said.

RMSI already provides solutions to global clients for managing risks associated with natural and man-made hazards. Its focus areas are on property risk, urban risk, agriculture risk, earthquake, flood and windstorm hazard modelling.

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