Using the Wingsure app, underserved farmers can now insure their crops with quick claim settlement.
Wingsure, a spinoff of SRI International, is expanding its artificial intelligence (AI) and augmented reality (AR) capabilities to provide rapid access to personalized insurance products for underserved small farmers and communities around the world.
Wingsure is an insurance technology platform that transforms how small farmers and rural clients use insurance and financial products to improve their lives and livelihoods. According to the United Nations, there are more than three billion people living in rural areas around the world.
Through individualised mobile-based insurance products and services, Wingsure provides rapid access to all. It encourages sustainability through contemporary agriculture practises that conserve and enrich the environment, as well as economic empowerment through transparency.
“The benefits of artificial intelligence need to be accessible to everyone—not just the big corporations,” said Todd Stavish, Vice President and Managing Director of SRI Ventures. “Bringing SRI’s computer vision and natural language processing technology into the hands of small agriculture allows Wingsure to reach communities that need this technology the most.”
According to a Swiss Re Institute study, the global insurance protection gap reached a new high of $1.4 trillion. Wingsure connects insurance companies, brokers and agri-businesses with small farmers worldwide through their mobile devices.
Wingsure’s app uses artificial intelligence (AI) and machine learning (ML) to quickly process insurance claims using SRI’s computer vision, geospatial, and AR technology, which can validate crop damage, determine the validity of insurance claims, and make quick settlements.
Wingsure combines voice prompts and natural language processing with powerful AI and ML to allow farmers to converse in their own language. Claims that previously took 3 to 12 months to complete may now be vetted and processed in minutes thanks to the platform’s ability to expand and interact with existing mobile communication services.
“Farmers are the foundation of our society, but many farmers worldwide are exposed to risks that could cost them their livelihood and their land. We now have the technology to protect these small farmers anywhere in the world,” said Avi Basu, Founder and CEO of Wingsure. “Not only can we insure them, but by applying this kind of advanced technology, Wingsure can help farmers become more successful growers.”
The first phase of implementation would focus on India, where agriculture is the primary source of income for 70% of households. Many live in distant areas with limited access to financial institutions and are unable to insure themselves against crop failure or other unforeseen calamities. Wingsure’s mobile platform provides services that were previously inaccessible to this enormous market, where 800 million people are agri dependent.