Connect with:
Thursday / November 21. 2024

logo
mobile-logo
HomePosts Tagged "HDFC ERGO"
AgroPolicy, India, IT, Sustainability

With the launch of the module, claims will be disbursed electronically, which will benefit the respective farmers of six states

Narendra Singh Tomar, Union Minister of Agriculture & Farmers Welfare, launched the National Crop Insurance Portal’s digitised claim settlement module namely DigiClaim under the ambit of Pradhan Mantri Fasal Bima Yojana (PMFBY) at Krishi Bhawan, New Delhi. With the launch of the module, claims will be disbursed electronically, which will benefit the respective farmers of six states. Now, the automated claim settlement process will be an ongoing activity to ease all insured farmers’ lives and provide them with a sustainable financial flow and support.

Besides Tomar, Union Minister of State for Agriculture & Farmers Welfare, Kailash Choudhary, Agriculture Minister of Uttar Pradesh, Union Agriculture Secretary Manoj Ahuja, CEO, PMFBY Shri Ritesh Chauhan and other senior officials were also present. CMDs of Agriculture Insurance Company of India Ltd and SBI General Insurance were also present including representatives of National Insurance Company (NIC), HDFC Ergo, Bajaj Allianz, Reliance GIC, ICICI Lombard, Future Generali, IFFCO Tokio, Cholamandlam MS, Universal Sompo and TATA AIG. Representatives from SBI Bank, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank were also present at the occasion.

Speaking on the occasion, Tomar said that it is a matter of pride for our Ministry to have taken a revolutionary step in ensuring that farmers can receive claim amounts digitally in a timebound and automated manner, thereby making our farmers Aatmanirbhar and Sashakt.

With the launch of a DigiClaim Module, insurance claims totalling Rs 1260.35 crore have been disbursed on March 23, 2023, to insured farmers in the states of Rajasthan, Uttar Pradesh, Himachal Pradesh, Chhattisgarh, Uttarakhand and Haryana with the click of a button, and the process will continue as and when the claims are released. The Union Minister also mentioned that to date Rs 1.32 lakh crore claim amount has been disbursed to the insured farmers under PMFBY. He also took special note of the ‘Meri Policy, Mere Haath’ ongoing campaign and observed that the campaign has been monumental in enhancing the awareness around PMFBY at the grassroots level.

While speaking on the occasion, Shri Tomar said that the Government of India is closely working with all exited states from the scheme and have had discussions with their senior officials in which Andhra Pradesh and Punjab are making a comeback to the scheme, which shows a shining example of corporative federalism. Governments of Telangana, Gujarat, Bihar, West Bengal and Jharkhand have also been approached to rejoin PMFBY and several discussions have been underway. Out of these states, Telangana and Jharkhand have indicated their willingness to come back under PMFBY.

With the launch of the module, claims

Company News, Finance, India, Start ups

Considering low penetration of crop insurance, expansion of weather insurance products is imperative

Bengaluru-based nurture.farm, India’s leading AgTech start-up, has partnered with HDFC ERGO General Insurance Company, a leading general insurance company in India, to further enhance and expand its insurance solutions for the 2.3 million farmers on its platform.

Farmers face varied types of risks at every stage of the farming cycle. The risks range from weather anomalies adversely impacting their crop productions, personal health risks due to the nature of work, and price fluctuations in the commodities market, leading to huge revenue loss for the farmers. Most farmers do not opt for insurance due to expensive premiums and the tediousness associated with paperwork.  Owing to the widespread nature of this issue, nurture.farm aims to offer its insurance solutions to nearly 2 million farmers in 2022-23, and will continuously innovate to provide risk mitigation solutions to enhance farmer resilience.

 Pranav Tiwari, CTO of nurture.farm, said, “The low insurance penetration in India is a cause of much grief for our farmers who have to face all kinds of risks like pests, weather, price volatility, misfortune on the field, etc. The lack of product offerings and insurance solutions that protect them against these risks leaves them financially vulnerable and susceptible to exploitation. Our partnership with HDFC ERGO aims to alleviate farmers’ distress associated with losses due to untimely and unfavourable conditions during the farming life cycle. This association will help us get closer to our vision of making farmers resilient and delivering sustainable outcomes to the farming community of India.”

Commenting on the partnership, Hiten Kothari, Appointed Actuary, HDFC ERGO, said, “At HDFC ERGO, we are committed to bringing in innovative insurance solutions for the rural community to provide financial security and also encourage sustainable farming. Considering the low penetration of crop insurance, expansion of weather insurance products is imperative. We firmly believe in nurture.farm’s vision and look forward to a long and productive collaboration.”

Considering low penetration of crop insurance, expansion