Absolute in collaboration with DigiSafe launches Digifasal, first-of-its-kind, DIY insurance for farmers
Absolute in collaboration with DigiSafe launches Digifasal, first-of-its-kind, DIY insurance for farmers
The product to be introduced on Upaj– Absolute’s AgCloud ecosystem, providing a one-stop-solution to a million farmers
India, 25th Nov 2022: Absolute, a plant bioscience company in collaboration with DigiSafe has launched India’s first-of-its-kind Do-It-Yourself insurance marketplace – Digifasal. The product will be introduced on Upaj – Absolute’s AgCloud ecosystem that provides a one-stop-solution to a million farmers at every stage of crop production - with services like soil testing, advisory, and now, insurance. This is in collaboration with Absolute and Digisafe to provide financial support to farmers leading to sustainable agricultural practices.
Insurance penetration in rural India is less than 4 percent owing to pricing, trust deficit, and delayed claim settlement processes. With DIY insurance marketplace, farmers will have the freedom to select parametric insurance products from several insurers available at their respective pin codes. Digifasal, will complement the existing insurance schemes such as the Pradhan Mantri Fasal Bhima Yojana, and mitigate roadblocks by providing affordable insurance options to farmers.
With this partnership, Absolute has leveraged DigiSafe’s InsureTech capabilities to boost insurance penetration in India. Founded by Anupam Shrey and Suman Roy Choudhury, DigiSafe Insurance is a renowned insurance service provider solving multifaceted issues in the rural insurance sector, promoting country-wide financial inclusion leveraging technology.
Sharing his thoughts on DIY insurance feature, Sourabh Bagla, Director, Upaj, Absolute said, “Adverse climatic conditions have resulted in India losing about 69 million hectares of crop area in the past 6 years. As a result, hundreds of farmers have succumbed to the burden of debts. As agriculture holds a significant position in the Indian economy, timely insurance payouts and security covers can be a huge boost to the farmers and the sector. Taking this into account, we have transformed our personalized farm-specific advisory application, Upaj to now enable customizable insurance to the farmers, furthering out pursuit to make a farmer’s life easier and more successful”.
Anupam Shrey, Founder & MD, Digisafe said, “We are proud to associate with Absolute’s mission to transform agriculture globally. Our synergies will enable us to reach millions of farmers and achieve our vision of solving accessibility, availability, and affordability in the rural insurance space.”
Developed by over 100+ AI and ML engineers with extensive research over a period of 7 years, Upaj has continuously added modules to make precision agriculture easier to implement.
About Absolute®
Absolute® is a pathbreaking bioscience company leveraging the best of nature, science and
exponential innovations to Build a Better Future - For People, For Planet.
Intersecting plant biology, microbiology, omics, epigenetics & AI, the company has been developing one of the world’s first and largest Nature Intelligence Platforms, which constitutes one of the world’s largest microbial, secondary metabolite, signaling molecules and other advanced biocontrol and stimulating agent libraries, all of which power Absolute’s Ag cloud Platform & Global Trade Platform.
Founded in 2015, Absolute®️ currently operates across 16+ countries. Backed by Sequoia,
Tiger Global, and Alpha Wave, Absolute’s angels include Nadir Godrej- MD of Godrej
Industries, Kamal Aggarwal- Promoter of Haldiram, and Kunal Shah-CRED among others.
About DigiSafe
DigiSafe is an Insurtech startup that recognizes the need for rural insurance penetration in India. DigiSafe intends to be the Local Digital Insurtech for the economically backward areas in India, where they can offer their simplified products, crop, livestock and other insurance products.
