The Agriculture Insurance Company of India Limited has recently collaborated with Gramcover to collectively enhance rural insurance penetration. It will achieve this by utilizing the expertise of Gramcover in rural insurtech space. The partnership aims to target 25 million farmers across the aspirational districts.
Under the MoU, Gramcover will work on market research and identification of widely grown crops and need-based rural insurance products. It will also work on the feasibility report to assess the suitability, requirement and affordability of insurance products in each aspirational district. Gramcover will explore marketing and distribution channels and integration of underwriting process, and claim settlement protocols, i.e., from market requirements to issuance of policies to claim settlement.
The Agriculture Insurance Company of India will work on development of need-based rural insurance products and streamline the underwriting process and channel partner app. It will integrate the underwriting process and claim settlement protocols from market requirements to issuance of policies to claim settlement.
