OUR INSURANCE

Our Unique insurance product supports farmers and businesses by bringing customised pricing

We all will acknowledge that no two farms and regions are the same. The soil conditions, the farmers operations, the resource usage and hence the exposure to a risk event will be different. Hence we focus more on understanding the farms better than a traditional transactions driven insurance model.

Parametric Insurance Program

Agvesto is bringing world’s first of its kind parametric insurance to protect the Farmers and business in the Indian market. Our teams have been working on creative solutions for the farmers and your investors since 2017.

What is our Mission?

We are aware that as a farmer, you face enormous challenges. With climate change related perils increasing year by year globally, Agvesto is determined to help you in your journey.

Majority of the emerging agricultural industry and value chain still remains underserved for financial products such as credit and insurance.

We want to be the trusted partner for the farming and agricultural community. This is why we have worked around the clock in the last few months to bring you the best in class, simple to use insurance product. We want to ensure that you are served well so that you can continue to cherish farming and produce food sustainably.

What is a Parametric Insurance Product?

We apply systems thinking when it comes to understand nature and complex problems.

A parametric insurance product is similar to assessing a farm as a system. Each of the system is defined by a few parameters.

We have demonstrated successfully in other markets that…

If we can measure the health of an individual by a few vital signs such as blood pressure, oxygen levels, respiration rate, ECG to provide treatment…

If we can measure performance of a car or an aircraft or ship using a few important parameters and provide telematics/sensors based insurance….

We can also parameterise a farm’s performance by assessing its risk using sensors and provide insurance coverage.

How does it work?

Traditional multi-peril crop cover for many outdoor crops is not readily available given the lack of (recent) farming history for the crop under PMFBY.

A parametric insurance product on the other hand provides coverage against specific perils for the growers during the growing season.

Typically, the parameters or the indices are a collaborative work between Agvesto and our Insurance partners who underwrite these risks. These indices are chosen after analysing how closely they can explain the crop loss due to an event.

For example, in case of an ‘excess heat’ cover, for a given farm location, the index can be created by tracking the daily temperature and its extremes.

The payout will then be determined by observing this parameter/index during the season.

What type of Cover as a farmer or an agribusiness can get?

As a Farmer/FPO, you can get coverage for various perils that you are concerned about. These can be as below:

Drought
Excess heat
Excess Precipitation
Flood
Cyclone
Hail
Wildfire
Frost Cover

Each of the above is a uniquely written designed to meet your specific needs and location.

Who are we?

Agvesto (www.agvesto.in) is an easy to use agricultural insurance platform to mobilise access to insurance to farmers.

Agvesto uses Earth observation satellites (Radar and Optical), weather stations, ground based Internet of Things (IoT) sensor data, historical loss data to provide best in class coverage with the help of our underwriting insurance partners.

How can I get in touch?

Whether you are in need for insurance or looking to understand about the parametric insurance programs, please write to us on:

Partha Choudhury

Country Director - India

partha.choudhury@agvesto.com (or)

Dr Srini Sundaram

CEO Agvesto

srini.sundaram@agvesto.com

Secure your yearly revenue

Agvesto’s protection will minimise the chance of a struggle after a disaster or a weather event resulting in crop loss.

Your Partner when you need most

We are here to stand together with you and make sure you are protected against natural Perils that affect your farm and financial well being.

Protection against weather events

Our parametric product is designed to trigger payout based on pre agreed weather events that has direct loss impact on crop.

Protection against price volatility

Our insurance product considers the volatility associated with the crop price in the market.

Protection against yield loss

Our insurance product considers the yield loss estimated using modelling techniques using on farm data.

Faster processing

We process claim using a fully digitised process and reduce the delay in loss adjustment.

Consumer centric

Insurance is no longer a myth and our mission is to make it as easy as understanding the crop.

Get an insurance quote

To quote effectively we’ll need some information about the farm and relevant documents.

1 Tell us about your farm

We will request information related to farm holdings, seed to harvest schedule, Input usage. .

2 Tell us about yourself

We will request information regarding your financial history such as revenues, costs. .

3 Required documentation

After you accept the quote, before contract, we will also require your proof of id and proof of address for Know your customer purposes. .

Lets get started

Insurance
FAQ’s

MORE FAQs

Why do I need farm insurance?

In recent years, the extreme weather events are causing a lot of distress to farming community worldwide. Droughts, Floods, Hail for example. As farms are the biggest assets for farmers livelihood, our land to be protected. An insurance is form of protection which when delivered in an affordable transparent manner enables the farming ecosystem to share the risks. By having an insurance product, you will be able to farm peacefully leaving you to have business continuity should an extreme event happen.

What is a revenue protection product?

Agvesto’s Revenue Protection (RP) provides coverage to protect against loss of revenue caused by low prices or low yields or a combination of both. Invariably when farm is faced with issues, our product provide farmer a hand in making sure that there is minimum disruption.

Is all my revenue covered if there is a weather event resulting in a loss to my farm?

You can choose the coverage level when you apply for a quote. The premium is calculated by using the coverage level requested , the exposure associated with it e.g size in hectares.

How do you determine the premium payments?

Premium are calculated using a number of data points. We use your farm data, the weather, historic revenues, historic losses in the region to arrive a competitive and affordable premium.

I experienced in the past delays in obtaining claims. Why it has to be any different now?

We understand that it is of no use to have payout issued when a farmer is in distress. Use of technology and data allows Agvesto to establish the farm in distress and quantify the loss assessment better. This would enable us to release funds faster than the conventional mechanisms.

Make a claim

Claims processing in Agvesto is seamless. We are aware that a timely delivery is essential when crop failed. We have the relationship with you and will be agile.

Have your Customer
Reference Number

This would allow us to retrieve the details we have with you so that we can action.

Loss details

We are aware that when you crop fails, how stressful it can be after all the hard work you out in. We want to assist you and be there for you. So please provide as much as details as you can pre event and the impact.

Current year
Accounts

If any new update you would like to share about current year financials compared to what you have submitted during application, please provide them as well.

0345 030 6925

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