Plant bioscience company Absolute has launched do-it-yourself insurance ‘Digifasal’, the first of its kind in the country.
The product will be introduced on Upaj, Absolute’s agcloud ecosystem that provides a one-stop solution to a million farmers at every stage of crop production with services like soil testing, advisory, and now, insurance.
With this partnership, Absolute has leveraged DigiSafe’s InsureTech capabilities to boost insurance penetration in the country, the company said in a statement.
Founded by Anupam Shrey and Suman Roy Choudhury, DigiSafe Insurance is an insurance service provider in the rural sector
Sourabh Bagla, Director, Upaj, Absolute said, “Adverse climatic conditions have resulted in India losing about 69 million hectares of crop area in the past six years. As a result, hundreds of farmers have succumbed to the burden of debt. As agriculture holds a significant position in the Indian economy, timely insurance payouts and security covers can be a huge boost to the farmers and the sector.”
Bagla added, “Taking this into account, we have transformed our personalised farm-specific advisory application, Upaj to now enable customisable insurance to the farmers, furthering our pursuit to make a farmer’s life easier and more successful.”
Anupam Shrey, Founder & MD, Digisafe said, “We are proud to associate with Absolute’s mission to transform agriculture globally. Our synergies will enable us to reach millions of farmers and achieve our vision of solving accessibility, availability, and affordability in the rural insurance space.”
Developed by over 100 artificial intelligence and machine learning engineers with extensive research over seven years, Upaj has continuously added modules to make precision agriculture easier to implement.
Digifasal will complement the existing insurance schemes such as the Pradhan Mantri Fasal Bhima Yojana and mitigate roadblocks by providing affordable insurance options to farmers.
Insurance penetration in rural India is less than 4 per cent owing to pricing, trust deficit, and delayed claim settlement processes. With the DIY insurance marketplace, farmers will have the freedom to select parametric insurance products from several insurers available at their respective pin codes.