Subsidy on Livestock in 10 minutes – Thanks to Digital India
Against the total livestock population of 3Cr animals in Maharashtra, the beneficiaries of the subsidy were merely 80,000 farmers whereas the Insured animal population was about 4Lac for the scheme implemented in 2016-17. The major restraint in implementation was the methodology in utilization of subsidy. The Farmer was required to obtain the soundness & valuation certificate from the veterinary doctor, arrange for the tagging of animals, provide the photographs with the tag to the insurance company, deposit the farmer's share of premium & avail the balance via subsidy through a policy which would in an ideal scenario be issued in 7 Working days.
Citing the low penetration & challenges pertaining to utilization of subsidy in Livestock Insurance, Prudent Insurance Brokers Govt & Rural Dept., headed by Mr. Chintan Adva partnered with New India Assurance Co. Ltd. to enter into a tri-partite agreement with Maharashtra Livestock Development Board in Oct 2019. They subsequently appointed an Ahmedabad based Tech Start-up XMPlify Techno Labs Pvt. Ltd. www.xmplify.tech, to design the omni-channel mobile application with a state of the art user interface (UI/UX) for Livestock Development Officers & Insurance Officers which would allow for completing the entire Policy Issuance and Subsidy Utilization in less than 10 minutes.
"This has been the first time in India that a rural insurance policy is automated along with the Real-time Submission of Claims, Geo-Tagging, Image Matching for an End-to-End Policy Lifecycle" said Sarfaraz Malek, Founder XMPlify (http://www.xmplify.tech/)
"The technology platform delivered by XMPlify (http://www.xmplify.tech/)
"The XMPlify digital platform with advance technology implementation such as image matching and OCR (Optical character recognition)
Chintan Adva positively expects to replicate the organizational success of Live Stock Insurance App in other states across India with their partner XMPlify (http://www.xmplify.tech/)