Leads Connect Services — an agritech data, risk management, and financial services company — and Ensuredit (an AI-based platform that brings efficiency to the insurance distribution cycle) have signed a memorandum of understanding (MoU) to establish a joint venture named “Leads Ensuredit Pvt Ltd”.

A media statement said the primary objective of the joint venture is to build a futuristic insurance technology infrastructure that will provide comprehensive insurance solutions and drive innovation in the agri insurance technology sector. In the initial phase, the focus will be on expanding service offerings in national and international markets.

Leads Ensuredit plans to hire an initial core team of seven to eight people, which will be expanded based on business growth needs, it said.

Leveraging agtech power

Quoting Amit Boni, Chief Executive Officer of Ensuredit, the statement said: “By spring-boarding on each other’s strengths, we’ll be offering unique value to the sector. With Leads Ensuredit, we aim to make a positive impact by providing farmers with innovative agri fintech solutions that enhance their productivity, mitigate risks, and improve the overall ecosystem.”

Navneet Ravikar, Chairman and Managing Director of Leads Connect Services, said Leads Ensuredit represents an unprecedented opportunity to transform the agricultural landscape by leveraging the power of agtech, fintech, and insurance technology.

“By combining our agricultural expertise with Ensuredit’s technological prowess, we are confident that we can deliver ground-breaking financial inclusion that will empower everyone and contribute to the sector,” Ravikar said.

The statement said that Leads Connect has delivered projects related to remote sensing-based crop health monitoring, crop acreage, crop yield estimates, and risk and claim management services to various Central and state organisations, insurers, and re-insurers. Leads Connect has used machine learning algorithms and satellite remote sensing analytics to develop a framework for yield estimation at the gram panchayat level, it said.