Agritech venture nurture.farm has partnered with HDFC ERGO General Insurance Company to improve and expand its insurance solutions for the platform's 2.3 million farmers. Most farmers do not purchase insurance because the premiums are too high and the paperwork is too time-consuming.
Because of the widespread nature of this issue, nurture.farm intends to offer its insurance solutions to nearly 2 million farmers and will continuously innovate to provide risk mitigation solutions to boost farmer resilience, according to a statement from the company.
"India's low insurance penetration is a source of great distress for our farmers, who face a variety of risks such as pests, weather, price volatility, misfortune on the farm, and so on. The absence of product offerings and insurance solutions that protect them from these risks leaves them financially vulnerable and vulnerable to exploitation. Our collaboration with HDFC ERGO aims to alleviate farmers' distress caused by losses resulting from untimely and unfavourable conditions during the farming life cycle. This collaboration will help us get closer to our vision of making farmers resilient and providing sustainable outcomes to India's farming community," said Pranav Tiwari, CTO of nurture.farm.
"At HDFC ERGO, we are committed to bringing in innovative insurance solutions to provide financial security and also encourage sustainable farming," said Hiten Kothari, Appointed Actuary. Given crop insurance's low penetration, the expansion of weather insurance products is critical. We firmly believe in the vision of nurture.farm and look forward to a long and fruitful collaboration."
The mission of nurture.farm is to strengthen agricultural outputs, making them profitable and sustainable for future generations. In addition, the company recently received a corporate agency licence from India's Insurance Regulatory and Development Authority (IRDA) to assist farmers in accessing innovative insurance solutions at affordable prices.
The company also plans to offer remote sensing-based farm-level insurance to farmers, mitigating crop, health, and income risks. The agriculture ecosystem at Nurture.farm includes an agriculture app, an agri-input e-commerce platform, farm mechanisation, agricultural consultancy services, farm advisory, and easy access to farming solutions.
