The partnership to enable the companies to build smart insurance solutions for farmers to ensure financial safety and resilience and expand rural gig-economy
Mumbai, 17th July 2022: In a major development, 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.
nurture.farm is an open digital platform for growers, farming communities, and food systems. It is actively working on a mission to strengthen agricultural outputs, making them profitable and sustainable for future generations. 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.
Mr. 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, Ms. Priya Kumar, Head – Emerging Business Lines, Rural & Agri, SBI General Insurance said, “At SBI General, we have been working closely with the farming community over the last few years for developing custom made insurance solutions. We are happy to partner with nurture.farm, which is yet another step towards supporting and safeguarding our farmers with a tech enabled platform. 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, Mr. Samdarshi Vikram Singh, Vice President – Crop Insurance & Rural Underwriting, Future Generali India Insurance Company said, “We are excited about our partnership with nurture.farm. We are keen to serve the Indian farming community with insurance products that ensure quick recovery from any financial exigency they might face. 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. New age Agtech partners, such as nurture.farm, will ensure that the insurance outreach to farmers is reliable, transparent and is through a credible source, whom the farmers already trust.”
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.