NEW DELHI, 28 November 2022: Absolute, a plant bioscience company in collaboration with DigiSafe has launched India’s first-of-its-kind Do-It-Yourself insurance marketplace – Digifasal.
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. This is in collaboration with Absolute and Digisafe to provide financial support to farmers leading to sustainable agricultural practices.
Insurance penetration in rural India is less than 4 percent owing to pricing, trust deficit, and delayed claim settlement processes.
With DIY insurance marketplace, farmers will have the freedom to select parametric insurance products from several insurers available at their respective pin codes. 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.
With this partnership, Absolute has leveraged DigiSafe’s InsureTech capabilities to boost insurance penetration in India.
Founded by Anupam Shrey and Suman Roy Choudhury, DigiSafe Insurance is a renowned insurance service provider solving multifaceted issues in the rural insurance sector, promoting country-wide financial inclusion leveraging technology.
Sharing his thoughts on DIY insurance feature, Sourabh Bagla, Director, Upaj, Absolute said, “Adverse climatic conditions have resulted in India losing about 69 million hectares of crop area in the past 6 years. As a result, hundreds of farmers have succumbed to the burden of debts. 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.”
“Taking this into account, we have transformed our personalized farm-specific advisory application, Upaj to now enable customizable insurance to the farmers, furthering out pursuit to make a farmer’s life easier and more successful,” Bagla adds.
Digisafe founder & managing director Anupam Shrey 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+ AI and ML engineers with extensive research over a period of 7 years, Upaj has continuously added modules to make precision agriculture easier to implement.
