Wingsure ties up with AICIL; to sell crop insurance policies through mobile app

Insurtech firm Wingsure on Thursday said it has tied up with state-owned AICIL to promote crop insurance among farmers by leveraging technology as well as sell policies through its mobile app.

The partnership will help Wingsure get access to more than 40 million (4 crore) farmers in India and focus on transforming how farmers mitigate and adapt to climate change and other livelihood related risks, it said.

Wingsure leverages Artificial Intelligence (AI) and deep technology to protect farmers worldwide through its insurance plans.

Agriculture Insurance Company of India Limited (AICIL) has signed a three-year agreement with Wingsure under which advanced technology capabilities will be leveraged to significantly strengthen the accessibility of insurance products and services to farmers in India, said a release.

Under the partnership, Wingsure will also curate and promote AICIL's comprehensive portfolio of agriculture insurance products and enable its channels, including groups and partner brokers, to distribute on its mobile app.

Farmers are vulnerable to the impact of climate change and other livelihood risks and have sub-optimal access to risk awareness programmes and modern resources.

Launched to support economic empowerment with transparency and promote sustainability through modern agricultural practices, Wingsure's application leverages advanced computer vision, augmented reality and voice capabilities to provide intelligence and facilitate the underwriting and insurance claims processes for small holder farmers, said the release.

''We firmly believe that technology implementation is key to providing insurance and thereby protecting the underserved. Through our association, we will utilise the Wingsure technology platform to support our vision of how farmers can leverage insurance to mitigate risk,'' Malay Poddar, Chairman and Managing Director, AICIL, said.

Wingsure's deep-tech platform revolutionises how small holder farmers leverage insurance and financial products to protect their livelihood, said Avi Basu, founder and CEO of Wingsure.

''It is designed to provide optimal access to risk awareness programmes, climate smart practices and other modern resources as well as government backed schemes. The application uses AI and Machine Learning (ML) to rapidly process insurance underwriting and claims,'' Basu said.

He said usage of technology will strengthen farmers' resilience in India with respect to corp insurance.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)