Plant bioscience company Absolute has launched do-it-yourself insurance ‘DigiFasal’, the first of its kind in the country.
The product will be offered on Upaaj, Absolute’s EggCloud ecosystem, which provides one-stop solutions to one million farmers at every stage of crop production with services like soil testing, advisory and now insurance.
With this partnership, Absolute leverages Digisafe’s InsureTech capabilities to increase insurance penetration in the country, the company said in a statement.
Founded by Anupam Shrey and Suman Roy Chowdhury, DigiSafe Insurance is an insurance service provider in the rural sector
Saurabh Bagla, Director, Produce, Absolute said, “India has lost around 69 million hectares of crop area in the last six years due to adverse climatic conditions. As a result, hundreds of farmers got buried under the burden of debt. As agriculture occupies an important place in the Indian economy, timely insurance payouts and security cover can give a huge boost to farmers and the sector.
Bagla said, “Keeping this in mind, we have revamped our personalized agri-specific advisory app, Upaj now to enable customizable insurance for farmers, furthering our efforts to make farmer’s life easier and more successful. can be carried forward.”
Anupam Shrey, Founder and MD, DigiSafe said, “We are proud to be associated with Absolute’s mission to transform agriculture globally. Our synergies will enable us to reach millions of farmers and achieve our vision of solving access, availability and affordability in the rural insurance sector.”
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 existing insurance schemes like Pradhan Mantri Fasal Bhim Yojana and reduce barriers by providing affordable insurance options to farmers.
Insurance penetration in rural India is less than 4 percent due to price gouging, lack of trust and delayed claim settlement processes. With the DIY Insurance Marketplace, farmers will have the freedom to choose parametric insurance products from multiple insurers available at their respective pin codes.