Agritech start-up nurture.farm has partnered with HDFC ERGO General Insurance Company to further enhance and expand its insurance solutions for 2.3 million farmers on its platform.
Most farmers do not opt for insurance due to expensive premiums and the tediousness associated with paperwork. Owing to the widespread nature of this issue, nurture.farm aims to offer its insurance solutions to nearly 2 million farmers, and will continuously innovate to provide risk mitigation solutions to enhance farmer resilience, the company said in a statement.
nurture.farm-HDFC Ergo partnership
“The 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, price volatility, misfortune on the field, etc. The lack of product offerings and insurance solutions that protect them against these risks leaves them financially vulnerable and susceptible to exploitation. Our partnership with HDFC ERGO aims to alleviate farmers’ distress associated with losses due to untimely and unfavourable conditions during the farming life cycle. This association will help us get closer to our vision of making farmers resilient and delivering sustainable outcomes to the farming community of India,” said Pranav Tiwari, CTO of nurture.farm.
Hiten Kothari, Appointed Actuary, HDFC ERGO, said, “At HDFC ERGO, we are committed to bringing in innovative insurance solutions to provide financial security and also encourage sustainable farming. Considering the low penetration of crop insurance, expansion of weather insurance products is imperative. We firmly believe in nurture.farm’s vision and look forward to a long and productive collaboration.”
nurture.farm is actively working on a mission to strengthen agricultural outputs, making them profitable and sustainable for future generations. The company had also recently received a corporate agency licence from India’s Insurance Regulatory and Development Authority (IRDA) to help farmers access innovative insurance solutions at cost-effective prices. nurture.farm also intends to offer remote sensing-based farm-level insurance to farmers, mitigating crop, health, and income risks, the company said.