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Insurance

With app and drones, crop insurance got a tech update. But data quality and claim fixing still lag.

The Pradhan Mantri Fasal Bima Yojana, the third-largest crop-insurance scheme in the world, continues to get more efficient, with tech tools enabling farmers to track their claims and insurers to assess crops. However, there’s quite a distance to cover in data quality and claims settlement.
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8 Aug 2019 4 Mins Read 1 comments
A farmer looks at his wheat crop damaged by heavy rain on the outskirts of Amritsar. Getty Images
A farmer looks at his wheat crop damaged by heavy rain on the outskirts of Amritsar.
By Shilpy SinhaThree years into the launch of the government’s flagship Pradhan Mantri Fasal Bima Yojana (PMFBY), aimed at providing simple and affordable crop insurance, the scheme has become the third largest in the world after the US and China. In the first year, the crop-insurance market was INR21,000 crore, going up to INR24,000 crore in 2017-18 and INR27,000
messages about receipt of their data from banks. At the other end, insurers are adopting various technologies to monitor crop yields and damage. The government has developed an Android-based crop-insurance app, using which farmers can track the status of their application or claim, and the crop-damage report. Besides, general-insurance companies are employing drones to better manage crops and livestock.
By Shilpy SinhaThree years into the launch of the government’s flagship Pradhan Mantri Fasal Bima Yojana (PMFBY), aimed at providing simple and affordable crop insurance, the scheme has become the third largest in the world after the US and China. In the first year, the crop-insurance market was INR21,000 crore, going up to INR24,000 crore in 2017-18 and INR27,000 messages about receipt of their data from banks. At the other end, insurers are adopting various technologies to monitor crop yields and damage. The government has developed an Android-based crop-insurance app, using which farmers can track the status of their application or claim, and the crop-damage report. Besides, general-insurance companies are employing drones to better manage crops and livestock.

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