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HomePosts Tagged "Weather Risk Management Services (WRMS)"
Agrotech, Company News, India, Start ups

ITC Asia 2023, held in Singapore brought together tech entrepreneurs, investors, and insurance industry incumbents from around the globe.

Weather Risk Management Services (WRMS), an agriculture and dairy risk management company, proudly announces its successful participation in ITC Asia 2023, one of the largest InsurTech events across the globe. Not only did WRMS showcase its revolutionary product, SecuRisk, an AI-enabled parametric insurance platform for emerging economies, catering to both insurers and reinsurers through its Dashboard and brokers and customers through its Mobile app, but it also proudly emerged as the recipient of the esteemed InsurTech Connect Asia Award.

ITC Asia 2023, held in Singapore brought together tech entrepreneurs, investors, and insurance industry incumbents from around the globe. WRMS seized the opportunity to demonstrate the ground-breaking features and far-reaching impact of SecuRisk, which garnered significant interest from executives, entrepreneurs, and investors in attendance. The SECURISK platform being quite recent with its far-reaching impact opportunities for carriers and customers alike became an engaging focal point in the conversations that resonated throughout the event. Discussions encompassed a diverse spectrum, spanning from exploring the comprehensive suite of programs and platform functionalities across the Asia-Pacific region to forging in-depth collaborations with insurers, insurtechs, and brokers from across the region.

Anuj Kumbhat, CEO and Co-founder of WRMS expressed his excitement about the event, stating, “ITC Asia provided an unparalleled platform for WRMS to showcase our commitment to developing climate, disaster, and agriculture risk transfer solutions. The overwhelming response and recognition we received for SecuRisk reaffirm our belief in the power of innovation and collaboration to transform the insurance industry.”

WRMS’s participation in the ITC Asia Awards proved to be a momentous occasion as the company emerged as the ultimate winner. The selection process comprised three rigorous stages, including nomination and shortlisting, ITC Asia Roadshow pitch sessions, and the grand finale of the ITC Asia Awards. Anuj Kumbhat delivered an impressive pitch about WRMS and the SECURISK parametric insurance platform, which captivated the ITC Expert Board and the audience.

The award not only validates the dedication and vision of the WRMS team but also opens new avenues for collaboration with global insurance partners. WRMS has already initiated follow-on conversations with interested insurance partners met during the event to introduce innovative parametric insurance solutions in their respective markets. This recognition and the relationships built at ITC Asia will accelerate WRMS’s impact across emerging economies.

Looking ahead, WRMS has exciting plans for the future. The company announced the beta launch of SECURISK in Q3 2023, inviting insurers, reinsurers, brokers, and distribution partners to register their interest for participation in the exclusive beta round. With the tremendous interest garnered at ITC Asia, WRMS aims to scale SECURISK to 50 countries by the end of 2024, striving to fulfill a significant global protection need estimated at $160 billion.

ITC Asia 2023, held in Singapore brought

Agrotech, Company News, India, Start ups

Introducing the very first digital parametric insurance marketplace connecting carriers & customers.

New Delhi based Weather Risk Management Services (WRMS), an agriculture & climate risk management company, introduced SecuRisk to bridge the $160 billion global protection gap. SecuRisk is the digital-first global parametric insurance marketplace that supports product design, product validation, digital beneficiary onboarding, product education, policy purchase, claim management & settlement. The platform is backed by a proprietary global data stack and simple product education and capacity-building tools keeping the needs of low-income communities in mind. SecuRisk serves a diverse set of customers such as individuals, aggregators, development institutions, brokers on the demand side, and insurers and reinsurers on the supply side.

Whilst parametric insurance has had significant traction in Europe and North America, the parametric needle hasn’t moved much in emerging economies because risk carriers and the marketplace have limited access to expertise, resources, and data. Parametric Insurance is the need of the hour in emerging economies, but there are gaps like high product rollout time and cost, limited quality reliable data, and lack of product awareness. Thus, emerging economies fail to get significant and sustainable benefits from this solution.

“The global underinsurance gap is $160 billion, 96 per cent of which is in emerging economies; Asia accounts for over 85 per cent. The challenge is that traditional indemnity-based insurance solutions have not been able to fill this gap because they are data and resource intensive, expensive, and time-consuming which makes them unviable to cover small ticket risks relevant for these economies. The solution is Parametric Insurance, but while there has been significant traction in Europe and North America, the parametric needle hasn’t moved much in emerging economies.” said Anuj Kumbhat, Founder & CEO, WRMS.

Talking more about the platform Anuj Kumbhat added, “While designing this platform we had one thing very clear; it should be simple, transparent & easy to navigate to serve emerging economies & low literacy communities. The platform has an interface for insurers and reinsurance to evaluate and underwrite parametric policies. It also allows them to manage their portfolio risk and claims through the system. The customer-facing front-end also has a mobile application that enables the end-end parametric insurance policy lifecycle management for customers through a simple interface.”

Anuj further added, “Our comprehensive parametric insurance platform enables insurers to build, operate and monitor parametric insurance for global beneficiaries by leveraging our global data stack and integrated risk modeling. The platform supports secure and rapid underwriting and claims management and has simple product education and capacity building tools keeping the needs of low-income communities in mind.”

Introducing the very first digital parametric insurance

Agrotech, India, IT, Start ups

 WRMS displayed a variety of farm IoTs like AWS, APS, AIS and enlightened the attendees about the WRMS flagship income guaranteeing solution – SecuFarm.

 Haryana – based z a pioneer in smart and sustainable farming in India, recently participated at the 11th Krishi Darshan Expo, India’s one of the largest Agriculture events held at Hisar, Haryana. As a leading provider of precision farming solutions, WRMS showcased a wide array of farm IoTs that help farmers optimize their crop yields, reduce costs and improve sustainability. WRMS displayed functional IoTs like Automatic Weather Station (AWS), Automatic Pest Traps (APS), Automatic Irrigation Switch (AIS) and enlightened the attendees about the WRMS flagship SecuFarm App and SecuTrak solution.  

The gala event brought together the major players of industry via interaction of farmers, agribusiness, industry entrepreneurs, researchers, technocrats, extension workers and students under one roof. It facilitated a productive environment for constructive discussions amongst industry leaders and decision makers.

Anuj Kumbhat, Founder and CEO, WRMS, said “Krishi Darshan Expo gave us an opportunity to have enriching conversations with farmers, understand their challenges, and offer them the SecuFarm– our income guaranteeing flagship product.  With every conversation we realized that it is extremely crucial for these farmers to overcome the barriers of traditional farming practices & medieval mindset. They are living a life of uncertainty where they are always worried about their crop health and farm income, forcing them to use excess pesticides & water. That’s why SecuFarm remains a holistic solution which provides them with complete downside risk protection and higher yield.  This gives them the confidence to invest in the latest technology & drives them towards sustainable farming.”

WRMS flagship SecuFarm app bridges farmers across the country with the latest digital technology in agriculture and handholds them right from the seed selection stage to make sure that they get a better yield by following the package of practices shared with them in their own language. WRMS is currently affiliated with over 10 million farmers; 1 million acres of land have been geo-tagged; 1.5 lakh SecuFarms have been created; and over 15,000 farm IoT devices have been deployed.

 WRMS displayed a variety of farm IoTs

Agrotech, Dairy, India, Opinions, R&D

By Dr Ashish Agarwal, Co-Founder & Chief Technology Officer, Weather Risk Management Services (WRMS)     

In recent years, technology-driven products, services, and solutions have substantially improved the dairy business in India. The third white revolution in this country will be largely brought about and sustained by technology. The use of technology in the dairy sector has expanded from automated/mechanised milk collecting and testing milk composition at the village level to real-time milk procurement, evaluation of overall milk quality criteria, automatic dairy plant operation, and other activities. One may now track data and information at the farmer level in the milk pool with the click of a button. Additionally, technology is making significant strides toward modernising and revolutionising the other key areas of the dairy industry.

For the unorganised Indian dairy industry to become more structured, the appropriate technology and its effective application are essential. The majority of the challenges encountered while handling a perishable commodity like milk can only be overcome by adopting technological innovations. The goal is to digitise as many data points as possible.

Some areas where technology has played a key role and where implementation is expected to increase

Freshness and Quality of Milk: Milk is a perishable commodity. If not chilled in time, including through pasteurisation, freezing, and other preservation techniques, it has a tendency to become stale or undergo significant irreversible quality decline. Thanks to technological improvements, milk can now be processed so that it can be used for a longer period of time and its freshness can be detected. At the farmer, dairy plant, and consumer levels, it is now possible to estimate milk purity, microbiological load, adulterants, and shelf life by deploying technology-based apps and programmes. Technology-driven devices are taking on the responsibilities of several quality criteria that previously required well-established laboratories, wet chemistry techniques, and time-consuming methodologies.

Monitoring Supply Chain Systems: The dairy supply chain in India is very complicated because it depends on so many factors such as cold temperatures, weather conditions, shelf life, etc. One commodity that must be delivered to consumers as soon as possible and in the best condition is milk. As a result, technology is crucial for ensuring timely distribution, cold chain upkeep, and other factors. Participants in the supply chain can effectively manage inventory as well. The cold chain management system is anticipated to develop quickly. Instead of being limited to insulated/refrigerated trucks, warehouses, or cold stores/freezers, cold chain systems are now mounted at the shelf level in malls or marketplaces.

E-commerce Marketplace: The only thing that connects buyers and sellers is technology. The seller is connected on the back end to the farmers and suppliers in order to guarantee or monitor the milk supply. The supplier may easily guarantee product traceability on both ends of forward and backward links. Farmers and dairy producers would be able to access doorstep services on their smartphones, especially given the technology they currently have and the advisory services that have been made possible by technological advancements.

Key initiatives of 2022

Farm Management: A dairy farm needs to make sure that every aspect of its business is run effectively. Farm management systems can be used to digitise input and operational procedures. Access to energy, the digital revolution, and a reasonably priced smartphone with access to bigger markets, verifiable knowledge, and high-quality services are the first steps toward empowering farmers. Thanks to technological improvements, a farmer can now easily manage large herd sizes using an app-based system that can run on mobile phones. Online payments to farmers are lowering costs, enabling financial independence, and greatly easing business processes.

The herd record, cow performance, control of the breeding cycle, lactation cycle, and vaccination schedule are all maintained in such handy ways that alerts are provided for a specific farm/cow activity that is needed. A few applications allow you to assess the nutritional requirements of cows and feed them accordingly. The entire operation of a dairy farm will be automated and digitised by these applications. Using RFID-based chips, farmers may continuously monitor the health, food, lactation, health issues, pregnancy, and other characteristics of their cattle. Large dairy farms in the country are already using robotic milking machines and herd tracking drones to manage their herds.

Product Traceability: Consumers are becoming more knowledgeable about the nutritional content and sources of their diets. Retention of customers depends on the food supply chain’s capacity to be tracked. Technology is being increasingly used by dairy producers to communicate with farmers about the whereabouts of their products as well as the techniques of processing and consumption. Using technology, such as a QR code on their phones, customers can also track the collection, packaging, shipment, and storage of their purchases.

To read more click on: https://agrospectrumindia.com/e-magazine

By Dr Ashish Agarwal, Co-Founder & Chief

Agrotech, Company News, India, Water

The five-year project includes the supply, installation, testing, commissioning, and maintenance of telemetric rain gauge stations across Yermarus Circle

Bangalore-based Ingen Technologies, a fully-owned subsidiary of Weather Risk Management Services (WRMS), has recently collaborated with Water Resource Department Bangalore, Government of Karnataka and bagged the contract for procurement of Automatic Weather Station and automatic rain gauge stations in Southern India.

Under the 5 years project, Ingen technologies will take up the charge of supplying, installing, testing, commissioning, and maintaining a real-time data acquisition system (RTDAS) for the hydrological information system of 16 automatic weather stations (AWS) and 237 telemetric rain gauge stations (TRG) with telemetry system across Yermarus Circle (Bagalkot, Kalburgi & Dharwad divisions). Whereas, in Mysore Circle (Mysore and Hassan divisions), the company will supply, install, test, commission, and maintain RTDAS for hydrological information systems of 8 automatic weather stations (AWS) and 184 telemetric rain gauge stations (TRG) with telemetry systems.

Ingen Technologies will be fully responsible for providing the Water Resource Department in Bangalore, Government of Karnataka with Real Time Hydro-Met data acquisition network. It will also provide the key data required for forecasting inflows into the basin and other related activities. A Real Time Data Acquisition System (RTDAS) will consist of a telemetry network of rainfall and Hydro-meteorological (Weather) parameters that will be installed to provide inputs to the RTDAS.

Commenting on the announcement, Dr Ashish Agarwal, Co-Founder & CTO, WRMS, said, “Both the projects are a major leap forward for us to expand our solution across Southern India. Karnataka requires a cutting-edge Hydrological Information System (HIS) to supply the data and information required for the efficient management of the State’s water resources. Given the significance of agriculture to the state, resource management is paramount. We are confident that our Telemetric (Automatic) Rain Gauge (TRG / ARG) sensor and Automatic Weather Station (AWS) will help in timely detection of water-related risk to build climate resilience.”

Ingen Technologies Private Limited manufactures, supplies, installs and operates advanced farm IoTs like Automatic Weather Stations (AWS), Automatic Rain Gauge Systems (ARG), Automatic Irrigation Systems, etc. The company has installed more than 15,000 + IoTs across the country and is working with many government organisations like Karnataka State Natural Disaster Monitoring Centre, Andhra Pradesh State Development Planning Society, and more. Ingen has a team of 500+ multi-disciplinary experts across Agricultural Science, Data Science, Meteorology, Actuarial Science and Information Technology. 

The five-year project includes the supply, installation,

Agrotech, India, Start ups

At the CII Agro Tech India 2022, WRMS displayed a variety of IoTs like AWS, APS, AIS and educated attendees about the SecuFarm App and SecuTrak solution.

Chandigarh based Weather Risk Management Services (WRMS), an agriculture and dairy risk management company, recently participated at the CII Agro Tech India 2022, the premier Agri and Food Technology Fair held at Chandigarh. At the CII Agro Tech India 2022, WRMS displayed a variety of IoTs like AWS, APS, AIS and educated attendees about the SecuFarm App and SecuTrak solution. The expo was focused on strengthening the Indian agriculture and food processing sectors through technology interventions, discussions, and nurturing partnerships.

“We are delighted to take part in CII Agro Tech India 2022. It was a fantastic opportunity to interact directly with potential clients, discover new markets, build business connections, and gain honest feedback on the products the company offers. Our booth witnessed a good footfall of attendees that included Farmers, FPOs, MFIs, seed companies, contract farming companies, and other sustainable farming companies. We received a lot of inquiries about and positive feedback about our Automatic irrigation, SecuTrak and smart farming solutions that use AI and IoT technology to help farmers overcome their most difficult obstacles, increase production, practise sustainable farming, and ensure revenue” said Anuj Kumbhat, CEO and Co-Founder, WRMS.

“We also displayed IoTs like AWS, APS, AIS which were extremely popular among farmers and FPOs visitors. FPOs connected with us to understand our SecuFarm product and showed keenness to pilot with us” he further added.

The SecuFarm app from WRMS is a ground-breaking agri-tech solution that gives farmers farm-level production assurance by downscaling their risk using data and technology. With the most up-to-date digital technology, it reaches farmers all over India and supports them to ensure they achieve a better yield by adhering to the package of practices supplied with them in their native dialect.

At the CII Agro Tech India 2022,

Company News, Finance, Start ups

 WRMS will use the fresh capital to develop and implement the yield guarantee solution to improve the resilience of 100,000 smallholder farmers in India against climate risks.

 InsuResilience Solutions Fund (ISF), managed by the Frankfurt School of Finance & Management (FS), and financed by KfW Development Bank, signed a grant agreement with Weather Risk Management Services (WRMS), an agriculture risk management company, and INGEN Technologies, a data provider of weather stations, to co-fund the project development and implementation of the yield guarantee solution. The project aims to improve the resilience of 100,000 smallholder farmers in India against climate risks and incentivize smart agricultural risk management practices, as well as to scale up the yield guarantee solution for crops such as cotton, chili, paddy, wheat and potato.

Weather Risk Management Services (WRMS) offers SecuFarm – the world’s first smart and sustainable farming solution for smallholders to provide them with farm level yield guarantee and an assured income. The solution guarantees farmers a benchmark yield provided they follow the Package of Practice (PoP) shared with them on the SecuFarm app. If the actual yield is still below the benchmark yield due to any extreme weather attack or crop disease, the farmer is compensated by WRMS, in proportion to the shortfall. This innovative concept allows incorporation of the necessary farm level risk reduction measures in the insurance product design offered by insurance companies and incentivizes smart and sustainable farming practices. This in turn allows to offer premium discount or a higher guaranteed yield to farmers who take the necessary farm level risk management measures. Fees for the yield guarantee are paid by the farmers (without subsidies). On this agreement, Anuj Kumbhat, Founder & CEO, WRMS said, “At WRMS, our aim is to build resilience of smallholder farmers by giving those equal opportunities to thrive. With this new association with InsuResilience Solutions Fund, we are now ready to further ramp up our SecuFarm services to the next level and support the smallholders to our maximum extent. With support of ISF, our focus will be on reaching out to over 100,000 smallholder farmers and building digital SecuFarms to create a larger economic, social and environmental impact”.

 WRMS will use the fresh capital to