October 05, 2022, bangalore: nurture.farm has partnered with HDFC ERGO General Insurance Company in India to improve and expand its insurance solutions for the 2.3 million farmers on its platform.
Farmers face various types of risks at each stage of the agricultural cycle. Risks range from weather anomalies negatively impacting their agricultural productions, personal health risks due to the nature of the work, and price fluctuations in the commodity market, resulting in huge loss of income for farmers. . Most farmers don’t opt for insurance because of the high premiums and cumbersome paperwork involved. Due to the widespread nature of this problem, 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 improve the resilience of farmers.
Mr. Pranav Tiwari, CTO of nurture.farm, said, “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 conditions, price volatility, misfortunes on the land, etc The lack of product offerings and insurance solutions that protect them against these risks make them financially vulnerable and vulnerable to exploitation. Our partnership with HDFC ERGO aims to alleviate farmers’ distress associated with losses due to untimely and adverse conditions during the agricultural life cycle. This association will help us move closer to our vision of making farmers resilient and delivering sustainable results to the Indian farming community. »
Commenting on the partnership, Hiten Kothari, Appointed Actuary, HDFC ERGO, said, “At HDFC ERGO, we are committed to providing innovative insurance solutions for the rural community to provide financial security and encourage sustainable agriculture. Given the low penetration of crop insurance, expansion of weather insurance products is imperative. We firmly believe in the vision of nurture.farm and look forward to a long and productive collaboration.
An open digital platform for producers, farming communities and food systems, nurture.farm actively works on a mission to empower agricultural productions, making them profitable and sustainable for future generations. The company had also recently received a corporate agency license from the Indian Insurance Regulatory and Development Authority (IRDA). This license enables nurture.farm to help farmers access innovative insurance solutions at attractive prices. nurture.farm also intends to offer farmers agricultural insurance based on remote sensing, thereby mitigating crop, health and income risks. It is one of the essential missing links to help build the resilience of farmers in India.
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