A rural insurtech startup Gramcovers and the Agriculture Insurance Company of India Limited(AICIL) have partnered to develop the insurance penetration in rural India.
i.The main objective of this partnership is to identify and develop useful rural insurance products that could help farmers.
ii.It also aims to increase the insurance coverage in rural parts of India.
- Initially they will work on market research to identify and develop new insurance products that will help farmers in protecting their livelihood.
- This tie up will improve the claim payment turnaround time and develop underwriting and will ensure quick settlement of claims.
- Under this partnership they have planned to reach around 25 million farmers.
About Agriculture Insurance Company of India Limited (AICIL):
Establishment: 20th December 2002 under the Indian Companies Act 1956
Chairman and Managing Director: Malay Kumar Poddar
Headquarters: New Delhi
Chief Executive Officer: Dhyanesh Bhatt
Headquarters: Noida,Uttar Pradesh