nurture.farm, one of India’s leading agritech startups, has partnered with HDFC ERGO General Insurance Company, a leading general insurance company in India, to further enhance and expand its insurance solutions for the 2.3 million farmers on its platform.
Farmers face varied types of risks at every stage of the farming cycle. The risks range from weather anomalies adversely impacting their crop productions, personal health risks due to the nature of work, and price fluctuations in the commodities market, leading to huge revenue loss for the farmers. 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 in 2022-23, and will continuously innovate to provide risk mitigation solutions to enhance farmer resilience, the agtech startup said.
Briefing about the objectives of the collaboration, Pranav Tiwari, CTO of nurture.farm, said, “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.”
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Underlining the partnership, Hiten Kothari, Appointed Actuary, HDFC ERGO said, “At HDFC ERGO, we are committed to bringing in innovative insurance solutions for the rural community 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.”
An open digital platform for growers, farming communities, and food systems, nurture.farm is working on strengthening 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). This licence enables nurture.farm 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. It is one of the critical missing links to help build farmer resilience in India, the company said.