The partnership to enable the companies to build smart insurance solutions for farmers to ensure financial safety and resilience and expand rural gig-economy
Bengaluru based nurture.farm, India’s leading AgTech startup announced its partnership with SBI General Insurance and Future Generali India Insurance Company to further expand its insurance solutions for its 1.9 million farmers who use its nurture.farm app.
The company had recently received the corporate agency licence from India’s Insurance Regulatory and Development Authority (IRDA). This licence enables nurture.farm to help farmers access innovative insurance solutions at cost-effective price points.
With these partnerships, nurture.farm aims to offer its insurance solutions to 2 million farmers in 2022-23, and will continuously innovate to offer 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.
Dhruv Sawhney, Business Head & COO of nurture.farm said, “Insurance penetration in India is very low, especially in the rural hinterland. We want to develop smart insurance solutions for farmers to increase their financial resilience. We are elated to have partnered 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, Priya Kumar, Head – Emerging Business Lines, Rural & Agri, SBI General Insurance said, “This association with nurture.farm will further strengthen our commitment to secure farmers across the length and breadth of the country. Our partnership will also provide a boost to increase 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, Samdarshi Vikram Singh, Vice President – Crop Insurance & Rural Underwriting, Future Generali India Insurance Company said, “This endeavour will help to improve the insurance penetration in the country, especially at the rural levels, where its reach is still at a nascent stage.”