Reduced-tat-for-policy-issuance-and-claims-processing-with-an-end-to-end-emerging-technology-agricultural-insurance-solution-digital-insurance-insurance-technology-iNube

Emerging Technology for Agri insurance to Reduce TAT

The Challenge

The customer had recently forayed into Agri Insurance business with products providing financial protection against vagaries of weather on crops sown by farmers. Because fragmented processes leading to delays was a major hurdle that led to inefficiencies in conducting business. Also, this gave rise to the need of implementing smart agricultural insurance with emerging technology tools to capture data that is critical in positioning products.

The Solution- Emerging Technology for Agri Insurance

iNube designed & deployed Agri Insurance Web Application for end-to-end enrolment management together with an enterprise mobility solution. In addition, the innovative agricultural insurance technology included an Android based Crop Cutting Equipment (CCE) mobile application. Above all, the emerging technology of agricultural insurance Tech solution effectively handled Policy Issuance, Underwriting and Claims management.

  • Automated inward management and Kit management processes
  • Embedded logic for Sum Insured and Premium based on scale of finance and Premium Master
  • Intelligent business rules were built to manage weather insurance claims
  • Capability of calculation of claim settlement amount factoring in the Threshold Yield (TY), Actual Yield (AY) and other business parameters
  • Extensive MIS reporting capability was enabled
  • Robust analytics with a focus towards data gathering

Value Delivered

  • The agriculture insurance software enabled transparent and efficient decision making for claims
  • Early adoption of emerging technology inline with client’s vision to remain at the forefront of technology

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