The partnership enables the companies to build intelligent insurance solutions for farmers to ensure financial safety and resilience and expand the rural gig-economy.
In a significant development, nurture. Farm, India’s leading AgTech startup, announced its partnership with SBI General Insurance and Future Generali India Insurance Company to expand its insurance solutions for its 1.9 million farmers using its nurture. Farm app.
Nurture. Farm to help farmers access innovative insurance solutions at cost-effective price points. The farm is an open digital platform for growers, farming communities, and food systems. It is actively working on a mission to strengthen agricultural outputs, making them profitable and sustainable for future generations. The company had recently received a Corporate agency license from India’s Insurance Regulatory and Development Authority (IRDA). This license enables nurture.
Mr. Dhruv Sawhney, Business Head & COO of nurture. The farm said, “Insurance penetration in India is shallow, especially in the rural hinterland. We want to develop smart insurance solutions for farmers to increase their financial resilience. We are pleased to partner with trusted brands like SBI General Insurance and Future Generali India Insurance Company. This partnership is a significant step forward in our path, which will help us achieve our aim of becoming a one-stop destination for improving outcomes and resilience for our 1.9 million and growing community of farmers.”
Commenting on the partnership, Ms. Priya Kumar, Head – Of emerging Business Lines, Rural & Agri, SBI General Insurance, said, “At SBI General, we have been working closely with the farming community over the last few years to develop custom-made insurance solutions. We are happy to partner with nurture. The farm is yet another step towards supporting and safeguarding our farmers with a tech-enabled platform—this association with nurture. The farm will further strengthen our commitment to secure farmers across the length and breadth of the country. Our partnership will also boost insurance awareness and bring more farmers into the insurance fold, thereby protecting them from financial strain arising due to unforeseen circumstances.”
Earlier this month, nurture. Farm forged another significant partnership with Future Generali India Insurance Company. Speaking about the partnership, Mr. Samdarshi Vikram Singh, Vice President – Crop Insurance & Rural Underwriting, Future Generali India Insurance Company, said, “We are excited about our partnership with nurture. Farm. We are keen to serve the Indian farming community with insurance products that ensure quick recovery from any financial difficulty they might face. This endeavor will help improve the insurance penetration in the country, especially at the rural levels, where its reach is still developing. New age Agtech partners, such as nurture. the farm will ensure that the insurance outreach to farmers is reliable, transparent, and is through a credible source, whom the farmers already trust.”
With these partnerships, nurture. The farm aims to offer its insurance solutions to 2 million farmers in 2022-23 and will continuously innovate to provide risk mitigation solutions to farmers. Nurture. Farm intends to offer remote sensing-based farm level insurance to farmers, which is one of the missing links in increasing farmer resilience in India.
This article was shared with Prittle Prattle News as a Press Release.
