Swiss Re, a Zurich-based reinsurance company, has trialed satellite imaging to improve claim settlement process in crop insurance scheme.
The reinsurer has already completed a pilot project with the Maharashtra government in India.
Swiss Re India branch head of CM P&C was quoted by The Hindu Business Line as saying: “One example of the new technology we have brought into the country is in the agriculture sector. Satellite imaging is quite powerful these days.
The satellite imaging can be used to quickly estimate the drought level or soil moisture content level in a particular area.
Using the image, the farmers can be paid claims quickly in case the area has suffered from drought.
At the same time, the technology can also forecast whether the soil has low moisture level that indicates the low yield of crops in the region.
“You can estimate the deviation that will happen and can settle claims,” Ray told the publication.
He further said that the use of such technology can be a means of value addition to the current methods under the scheme.
“We are a big agriculture insurer worldwide. We are trying very hard on making the claim settlement process much faster and smoother with the use of technology. We are also trying to use technology to understand crop losses better,” he told the news agency.
Swiss Re captures nearly 8% to 10% of the crop insurance market in India. The company opened its Indian branch office in 2017.
Swiss Re India Branch CEO Satish Raju added the company is interested in all lines of businesses in India.
“We want to utilise our international experience. We are keen to help support the country’s focus in terms of health, crop and help improve insurance penetration. This is our broad-based approach.”
Swiss Re, established in 1863, operates in more than 25 countries across the globe.