According to a senior official of the Agriculture Insurance Company (AIC), one of the company’s goals is to speed up the settlement of insurance claims by farmers, and the company is exploring new technology, such as the deployment of drones, in conjunction with traditional claim assessment methods for quick settlements.
Agriculture Insurance Company of India Limited, a public sector organization that provides crop insurance, is in talks with commodity boards about exclusive crop-specific insurance schemes.
This would also improve the accuracy of granular level claim assessment in disaster-like situations where human intervention may be impossible.
Despite the fact that there were approximately 20 lakh farmers in Kerla, only about one lakh had crop insurance coverage. The huge gap in insurance coverage was primarily due to Kerla had more Plantation crop products, such as rubber, coconut, coffee, cardamom, and tea, which were not covered by insurance.
At the same time, due to the ever-changing climatic conditions, there was a significant need for insurance coverage for plantation crops, according to the official.
The official also stated that a cardamom scheme would be launched soon in collaboration with Spice Board. Similarly, a plan for rubber plantations was being developed in consultation with the Ruber Board. The public sector crop insurance company was awaiting Ruber Board’s approval before launching the scheme.
AIC of India Limited was established in December 2002 to meet the country’s crop insurance needs. The AIC is owned by the General Insurance Corporation of India, the National Bank for Agriculture and Rural Development, National Insurance Company Limited, The New Indian Assurance Company, The Oriental Insurance Company, and United India Insurance Company.
‘The Union government strongly promotes technology integration in crop insurance, and it is critical for crop insurance success,’ the official added. Across the country, approximately 5.5 crore farmers have purchased crop insurance, with AIC serving approximately ₹3 crores of these farmers.