AI-driven Personalized Insurance and Advisory Services to Farmers
Hyderabad, Sept 22 (KNN) The small and underserved farmers in Andhra Pradesh will soon enjoy the personalized crop insurance products and advisory services.
The Telangana government has entered into an agreement with Wingsure- an insurtech venture spin-out of SRI International (formerly Stanford Research Institute) that leverages artificial intelligence and deep technology to protect farmers worldwide.
"Technological advancement and implementation are ways to transform agriculture. Our government has identified agriculture as the priority sector and recognizes the importance of AI and other emerging technologies in elevating agricultural productivity and improving the livelihood of the farmers in the state. The association with Wingsure will ensure hyper-local data correlation with deep technology to deliver numerous services for the individual smallholders" said Jayesh Ranjan, Principal Secretary, ITE&C, Telangana Government.
As a part of the agreement, Wingsure will provide deep-tech-based personalized crop insurance products and advisory services to small, underserved farmers in the state.
On eth occasion Avi Basu, Founder and CEO of Wingsure, said, "We are excited at the possibilities of this partnership, where Wingsure's deep-tech platform for comprehensive risk resilience, including risks related to climate change and our meaningful engagement with farmers and all stakeholders in the agricultural value chain, will be instrumental in delivering broad-based impact for the Telangana farmers."
Agriculture and the allied sectors are the largest sources of livelihood in India, with most rural households dependent primarily on agriculture and 70 percent of holdings being small and marginal. However, farmers are vulnerable to the impact of climate change and other livelihood risks. They have sub-optimal access to risk awareness programs, modern resources, and government-backed schemes.
The alliance is among the first in the global farming ecosystem and will help Telangana to promote social inclusion and digital transformation in Indian agriculture. Overall, it will support the government's objectives to promote economic empowerment and offer opportunities for collaboration, innovation of value chains, growth, and job creation.
While the Information Technology, Electronics & Communications (ITE&C) Department of the Government of Telangana will guide and facilitate the implementation of the solution, the agriculture department will offer on-ground implementation through its existing network.