back Back

Wingsure develops AI-driven mobile insurance app for small farmers

By Leandra Monteiro

July 28, 2021

  • India
  • Wingsure
Share

Wingsure, SRI, insurance, InsurTech, farmers, IndiaSRI International today announced that its InsurTech venture spinout, Wingsure, is expanding its artificial intelligence (AI) and augmented reality (AR) capabilities to deliver instant access to personalized insurance products for underserved small farmers and communities worldwide.

Wingsure is an InsurTech platform that revolutionizes how small farmers and rural customers leverage insurance and financial products to transform their lives and livelihood. The U.N. reports the global rural population is more than three billion. Wingsure delivers instant access to all through personalized mobile-based insurance products and services. It supports economic empowerment with transparency and promotes sustainability through modern agricultural practices that preserve and enrich the environment.

“The benefits of artificial intelligence need to be accessible to everyone—not just the big corporations,” said Todd Stavish, vice president and managing director of SRI Ventures. “Bringing SRI’s computer vision and natural language processing technology into the hands of small agriculture allows Wingsure to reach communities that need this technology the most.”

The gap between economic losses and those that are insured widened in 2020 due to the pandemic. According to a Swiss Re Institute study, the global insurance protection gap reached a new high of $1.4 trillion. Wingsure connects insurance companies, brokers and agri-businesses with small farmers worldwide through their mobile devices.

Wingsure’s application leverages AI and machine learning (ML) to rapidly process insurance claims with the aid of SRI’s computer vision, geospatial and AR technology, which can confirm crop damage, identify the validity of insurance claims and make prompt settlement.

In addition to its advanced AI and ML, Wingsure combines voice prompts and natural language processing to allow farmers to speak in their native language. The platform can be scaled to integrate with existing mobile communication platforms and claims that previously took 3 to 12 months to complete can be verified and processed in minutes.

“Farmers are the foundation of our society, but many farmers worldwide are exposed to risks that could cost them their livelihood and their land. We now have the technology to protect these small farmers anywhere in the world,” said Avi Basu, founder and CEO of Wingsure. “Not only can we insure them, but by applying this kind of advanced technology, Wingsure can help farmers become more successful growers.”

Initial implementation will focus on India where 70% of households are dependent on agriculture for their living. Many are in remote locations without access to financial services and are unable to insure against crop failure or other unexpected events. Wingsure’s mobile platform provides services that were previously inaccessible to this enormous market, where 800 million people are agri dependent.

Previous Article

July 28, 2021

Colt Technology Services provides connectivity to Cboe Europe Derivatives

Read More
Next Article

July 28, 2021

Origin announced an upgrade in its new creator-centric NFT platform

Read More













IBSi Daily News Analysis

biometrics, Identity verification

October 03, 2023

India

Digital Identity Verification checks will surpass 70bn by 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 03, 2023

State Bank of Sikkim & SBI Life Insurance to offer insurance solutions to Sikkim residents

Read More

September 29, 2023

Helvetia taps Qover to power pan-European automotive insurance

Read More

September 29, 2023

InsurTech Root raises $1.5m to accelerate expansion plans

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q2 2023

£1,500.00 / year

Know More
Testing & QA for NextGen Bank Tech Q3 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q2 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023