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BusinessTelangana govt signs MoU with Wingsure to provide AI-driven personalised insurance to...

Telangana govt signs MoU with Wingsure to provide AI-driven personalised insurance to farmers

Published: 22nd Sep 2021 3:02 pm

Hyderabad: 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, undeserved farmers in the State.

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Wingsure said 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 prioritising 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.

Leveraging technology

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 personalised solutions, along with voice bots and natural language processing, to allow farmers to communicate in their native language.

The company will curate and distribute crop and other general insurance products via its network of insurers and broker partners. It will also provide customised advisory, training, and facilitate rapid insurance claims through its mobile-based platform.

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.”

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