Kshema App Tech Story 1207

July 16, 2024: Kshema General Insurance Limitedis now offering an updated version of its proprietary Kshema platform to further ease the process of buying its crop insurance product Sukriti, along with Prakriti, for the Kharif season. The updates bring more efficiency and improve service delivery to crores of farmers across India looking to protect their Kharif crop from perilsat an affordable starting price of Rs.499/- per acre for up to two perils.

The Kshema platform comprisesof user-friendly and intuitive Kshema app,powered by proprietary artificial intelligence algorithms for dynamic pricing, underwriting, continuous farm monitoring and fast claims settlement. The models are trained using a blend of public and private datasets.

The app helps the farmer to buy the insurance for their crop within a few minutes. The farmer will be assisted to select their farm location, crop, perils, and sowing timelines which will be used to provide customised pricing for their specific farm. Kshema’s dynamic pricing algorithmfactors 127 climatic zones along with the corresponding peril risk before presenting the customised pricing.

Commenting on the new app updates, Rajeshnani Dasari, Independent Director and Technology Advisor, Kshema General Insurance Limited said, “Kshema is always striving to offer the best crop insurance solutions to farmers, at the most affordable price,to protect them from income shocks caused by extreme climate events. Our platform plays a crucial role in fulfilling this missionby enabling us to streamline and automate various underwriting and claim processes.I am delighted to announce the latest developments to further strengthen our platform with AI for the Kharif season.”

The ubiquitous presence of mobile phones, availability of near real-time imagery and real-time weather data,combined with proprietary AI algorithms, enables Kshema to leverage technology to provide personalised coverage at the farm level, at an affordable price.

In addition, this technology infrastructure, enabled Kshemato adopt a progressive approach of strategic resilience towards risk management.

The updates bringKshema closer to automated underwriting validation and instant policy generation for majority of the farmers. A farmer can alsoinitiatethe claim bysimply providing the cause of loss,and then upload photos or videos of the damageto the crops. The system will match this information with satellite imagery of that specific farm (since this is already geo-tagged) to settle the claim immediately in majority of the cases.

Kshema’s endeavour is to build financial resilience among farmers for minimal cost, leveragingtechnology for seamless experience and operational efficiency.

About Kshema:-

Kshema General Insurance Limited’s mission is to protect farmers and build resilience among them from income shocks due to extreme climate events and other perils. Kshema deploys cutting-edge AI-based algorithms and location awareness to assess, model and price insurance risks adequately. Kshema uses its proprietary platform under the same name to serve farmers with customised solutions for their needs. The Kshema platform is developed in partnership with leading global experts in spatial data sciences, actuaries, financial engineers, and remote sensing experts. The platform assesses and prices risk and allows to address pre-harvest risk at the farm level through its products – Sukriti and Prakriti. Kshema, a part of Kshema Holdings Private Limited, received its licence from the regulator IRDAI in January 2023. Log into https://kshema.co/ for more information.

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