Aquaculture tech firm Aquaconnect has partnered with insurance service provider Alliance Insurance Brokers for an insurance programme for shrimp farmers. This partnership will benefit 1.5 lakh shrimp farmers across India.
Under this partnership, Aquaconnect will provide risk management services to the insurance partners which include farm data collection, ground validation by aquaculture officers and AquaCRED dashboard support. The partnership aims at making comprehensive insurance available for shrimp farmers to mitigate weather and disease-related challenges. In addition to this, farmers will also get an Aquaconnect farm advisory app and options to buy high-quality inputs (feed, healthcare products & farm equipment) from the Aquaconnect platform.
In the past, low technology adoption and the absence of farm-level production data made it almost impossible for insurance companies to extend their products to farmers. As a result, farmers continued to bear a high financial risk due to loss of crop. AquaConnect’s full-stack technology approach endeavours to bring aquaculture farmers into a formal insurance framework through their data-driven approach. Aquaconnect platform’s near real-time data brings transparency, hence easing the monitoring and claim settlement process.
Combination of data inputs from ‘eyes in the sky’ (secondary data from satellite remote sensing solutions) and ‘boots on the ground’ (primary data from app), supported by machine learning algorithms, bring transparency and predictability to the entire process & helps lower risks associated with aquaculture insurance. Further, hassle-free, low cost financial & insurance products, incentivise the adoption of technology throughout the industry and de-risk the farmers.
Commenting on this partnership, Rajamanohar, CEO and founder of AquaConnec t said , “While Indian aquaculture is a multi-billion dollar industry, contributing to 20% of overall agricultural exports, losses due to disease are the biggest impediments to further growth of this sector. We are happy to partner with Alliance Insurance Brokers to offer the insurance product that would help farmers mitigate the losses in shrimp farming”.
“Aquaconnect’s full-stack technology solutions enable risk profiling of farms with high data integrity and aids transparent & speedy claim management through readily available production level data. Such interventions can greatly improve the efficiency of BFSI institutions' engagement with the aquaculture farmers," said Amit Salunkhe, Head BFSI partnerships, AquaConnect .
“As an organization driven by sectoral approach Alliance possesses functional expertise Underwriting, Claim and Advisory Services to ensure efficiency in the deliverables. Aquaculture farming and the Seafood industry being a niche sector we have developed a strategic partnership with Aquaconnect to help farmers and seafood industry clients to mitigate the risk. Seafood Industry is projected to be in excess of INR 50,000 crores, our focus is to bring tailor-made solution and try to structure a long-term sustainable insurance solution to this sector” said Aatur Thakkar, Co-founder, Alliance Insurance Brokers.