This partnership will benefit 1.5 Lakh shrimp farmers across India.
The aquaculture tech pioneer ‘Aquaconnect’ has partnered with India’s leading insurance service providers ‘Alliance Insurance Brokers’ for an insurance program for shrimp farmers. After loan benefit, this is the next step towards the company’s vision to strengthen the financial inclusion of shrimp farmers. This partnership will benefit 1.5 Lakh shrimp farmers across India.
Under this partnership, Aquaconnect will provide risk management services to the insurance partners which include farm data collection, ground validation by Aquaculture officers and AquaCRED dashboard support. The partnership aims at making comprehensive insurance available for shrimp farmers to mitigate weather and disease-related challenges. In addition to this, farmers will also get an Aquaconnect farm advisory app and options to buy high-quality inputs (feed, healthcare products & farm equipment) from the Aquaconnect platform.
Combination of data inputs from ‘eyes in the sky’ (secondary data from satellite remote sensing solutions) and ‘boots on the ground’ (primary data from app), supported by machine learning algorithms, bring transparency and predictability to the entire process & helps lower risks associated with aquaculture insurance. Further, hassle-free, low cost financial & insurance products, incentivise the adoption of technology throughout the industry and de-risk the farmers.
On this partnership, Rajamanohar, CEO and Founder of AquaConnect said, “While Indian aquaculture is a multi-billion dollar industry, contributing to 20 per cent of overall agricultural exports, losses due to disease are the biggest impediments to further growth of this sector. We are happy to partner with Alliance Insurance Brokers to offer the insurance product that would help farmers mitigate the losses in shrimp farming”.
“As an organization driven by sectoral approach Alliance possesses functional expertise Underwriting, Claim and Advisory Services to ensure efficiency in the deliverables. Aquaculture farming and the Seafood industry being a niche sector we have developed a strategic partnership with Aquaconnect to help farmers and seafood industry clients to mitigate the risk. Seafood Industry is projected to be in excess of Rs 50,000 crores, our focus is to bring tailor-made solution and try to structure a long-term sustainable insurance solution to this sector”, Aatur Thakkar, Co-founder, Alliance Insurance Brokers.
