Telangana Government Signs MoU with Wingsure to Provide AI-driven Personalized Insurance and Advisory Services to Farmers
Underserved farmers in the state will access diverse insurance solutions with rapid claim resolution through mobile phones using the Wingsure app.
Hyderabad, Telangana, 27 September, 2021: The Telangana government has entered into an agreement with Wingsure, an insurtech venture spin-out of SRI International (formerly Stanford Research Institute) that leverages artificial intelligence and deep technology to protect farmers worldwide. As a part of the agreement, Wingsure will provide deep-tech-based personalized crop insurance products and advisory services to small, underserved farmers in the state.
Agriculture and the allied sectors are the largest sources of livelihood in India, with most rural households dependent primarily on agriculture and 70 percent of holdings being small and marginal. However, farmers are vulnerable to the impact of climate change and other livelihood risks. They have sub-optimal access to risk awareness programs, modern resources, and government-backed schemes.
The alliance is among the first in the global farming ecosystem and will help Telangana to promote social inclusion and digital transformation in Indian agriculture. Overall, it will support the government's objectives to promote economic empowerment and offer opportunities for collaboration, innovation of value chains, growth, and job creation.
The Information Technology, Electronics & Communications (ITE&C) Department of the Government of Telangana will guide and facilitate the implementation of the solution. The agriculture department will offer on-ground implementation through its existing network. It will assist in prioritizing and disseminating critical training and advisory services for the farmers, including data acquisition. The Professor Jayashankar Telangana State Agricultural University (PJTSAU) will offer its domain expertise through its research centres across the state. It will provide advice and expertise on risk mitigation specific to crop, climate, and a few other critical areas through Wingsure's platform.
Wingsure will collaborate with government agencies to develop a ground distribution strategy by leveraging its deep-tech platform, including AR (Augmented Reality), AI (Artificial Intelligence), ML (Machine Learning)-based personalized solutions, along with voice bots and natural language processing, to allow farmers to communicate in their native language. It will curate and distribute crop and other general insurance products via its network of insurers and broker partners. It will also provide customized advisory, training, and facilitate rapid insurance claims through its mobile-based platform.
Sri Jayesh Ranjan, Principal Secretary, ITE&C, Telangana Government, said, "Technological advancement and implementation are ways to transform agriculture. Our government has identified agriculture as the priority sector and recognizes the importance of AI and other emerging technologies in elevating agricultural productivity and improving the livelihood of the farmers in the state. The association with Wingsure will ensure hyper-local data correlation with deep technology to deliver numerous services for the individual smallholders."
Avi Basu, Founder and CEO of Wingsure, said, "The government of Telangana's vision and understanding of the role of emerging technologies in impacting twenty million lives have led to the early adoption and implementation of AI in agriculture, for accelerated economic growth and inclusive social development. We are excited at the possibilities of this partnership, where Wingsure's deep-tech platform for comprehensive risk resilience, including risks related to climate change and our meaningful engagement with farmers and all stakeholders in the agricultural value chain, will be instrumental in delivering broad-based impact for the Telangana farmers."
Wingsure leverages artificial intelligence and deep technology to protect farmers worldwide. The company operates in developing nations, as well as advanced countries, focusing on growers who are locked out of traditional financial services. Wingsure is dedicated to providing farmers with competitive levels of technology and security to maintain the dignity and sustainability of individuals worldwide.