Wingsure, a spinout insurtech venture of SRI International, has developed a mobile app to offer bespoke insurance products to small farmers worldwide.
The new offering leverages artificial intelligence (AI) and machine learning (ML) technology to process insurance claims.
Wingsure noted that the application is aided by SRI’s computer vision, geospatial and AR technology, which can confirm crop damage, identify the validity of insurance claims, and make the settlement.
The app features voice prompts and natural language processing, which allows farmers to speak in their native language.
It also offers scalability and can be integrated with existing mobile communication platforms.
Wingsure claims that its app can verify, and process claims within minutes, which previously took three to 12 months.
The app’s initial implementation will focus on India where a large population of households are dependent on agriculture for their living.
Wingsure founder and CEO Avi Basu said: “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.
“Not only can we insure them, but by applying this kind of advanced technology, Wingsure can help farmers become more successful growers.”
SRI Ventures vice president and managing director Todd Stavish said: “The benefits of artificial intelligence need to be accessible to everyone—not just the big corporations.
“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.”