India: Leveraging Data for Crop Insurance

With depleting resources, reducing land sizes and increase in input and labor costs, combined with uncertainties around weather and market prices, agriculture in India has become a profession that is more risk intensive, writes Anthony Devassy at The Financial Express. This makes crop insurance a very critical vehicle for mitigation.

The farming window is very restricted and delays in claim payments can often hinder a farmer’s prospects for the next farming season. Often, insurance companies tend to dispute yield loss data sent by states. The Pradhan Mantri Fasal Bima Yojana (PMFBY), a government-sponsored crop insurance scheme, was introduced to integrate multiple stakeholders on a single platform. Unfortunately, many processes related to the government schemes are manual, leading to delays in claim payments.

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This is where Artificial Intelligence (AI) and Machine Learning (ML) can help augment the processes related to the current crop insurance schemes, both in preventing the claim delay and in reducing the timeline in claim settlements.

Continue reading at The Financial Express.

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