Agritech start-up BharatRohan has introduced ‘Pravir Shield’, an initiative to provide parametric crop insurance to farmers in collaboration with ICICI Lombard and rural insuretech broker Gramcover.
The pilot phase of the insurance will cover paddy farmers in Barabanki of Uttar Pradesh who use BharatRohan’s drone-based crop monitoring service ‘CropAssure’, the start-up said in a statement. This will help BharatRohan’s subscriber farmers to mitigate losses due to changing weather patterns. The agritech firm aims to cover two lakh farmers by 2024.
“We have opted for parametric insurance as it provides faster pay-outs based on pre-defined parameters of adverse weather incidence such as deficit and excess rainfall, temperature, and relative humidity, which leads to losses to the farmers. The parameters are set based on the type of crop grown by the farmers as well as the historical weather pattern in the region,” said Panimalar T, Associate (Growth & Strategy), leading this initiative at BharatRohan.
BharatRohan empowers its subscriber farmers by providing actionable insights through UAV/ drone-based hyper-spectral imaging technology. Periodic alerts of the upcoming threats to crops like pest attacks, disease outbreaks, and nutrient deficiencies are provided to the farmers.
Working across 30,000 acres with over 6,000 farmers in Uttar Pradesh and Rajasthan, the startup also enables its farmers to produce residue-free commodities and sells them to large institutional buyers.
