Hyderabad: Kshema General Insurance Limited is 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 perils at an affordable starting price of Rs499 per acre for up to two perils, a media release says.

The Kshema platform comprises of 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 algorithm factors 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 mission by 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 Kshema to adopt a progressive approach of strategic resilience towards risk management.

The updates bring Kshema closer to automated underwriting validation and instant policy generation for majority of the farmers. A farmer can also initiate the claim by simply providing the cause of loss, and then upload photos or videos of the damage to 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, leveraging technology for seamless experience and operational efficiency.