Underserved farmers can now insure crops with rapid claim resolution through mobile phones using the Wingsure app
SRI International announced that its insurtech venture spinout, Wingsure, is expanding its artificial intelligence (AI) and augmented reality (AR) capabilities to deliver instant access to personalised insurance products for underserved small farmers and communities worldwide.
Wingsure is an insurtech platform that revolutionises how small farmers and rural customers leverage insurance and financial products to transform their lives and livelihood. Wingsure delivers instant access to all through personalised mobile-based insurance products and services. It supports economic empowerment with transparency and promotes sustainability through modern agricultural practices that preserve and enrich the environment.
“The benefits of artificial intelligence need to be accessible to everyone—not just the big corporations,” said Todd Stavish, Vice President and Managing Director, SRI Ventures. “Bringing SRI’s computer vision and natural language processing technology into the hands of small agriculture allows Wingsure to reach communities that need this technology the most.”
Wingsure connects insurance companies, brokers and agri-businesses with small farmers worldwide through their mobile devices. Wingsure’s application leverages AI and machine learning (ML) to rapidly process insurance claims with the aid of SRI’s computer vision, geospatial and AR technology, which can confirm crop damage, identify the validity of insurance claims and make a prompt settlement.
In addition to its advanced AI and ML, Wingsure combines voice prompts and natural language processing to allow farmers to speak in their native language. The platform can be scaled to integrate with existing mobile communication platforms and claims that previously took 3 to 12 months to complete can be verified and processed in minutes.
“Farmers are the foundation of our society, but many farmers worldwide are exposed to risks that could cost them their livelihood and their land. We now have the technology to protect these small farmers anywhere in the world,” said Avi Basu, Founder and CEO, Wingsure. “Not only can we insure them, but by applying this kind of advanced technology, Wingsure can help farmers become more successful growers.”
The initial implementation will focus on India where 70 per cent of households are dependent on agriculture for their living. Many are located in remote locations without access to financial services and are unable to insure against crop failure or other unexpected events. Wingsure’s mobile platform provides services that were previously inaccessible to this enormous market, where 800 million people are agri dependent.
