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New insurance player, Kshema General Insurance, has lined up about 20 products to cater to agricultural insurance as well as the needs of the farmers, according to its Founder – Chairman Natraj Nukala.
“As per license, we are a general insurance company. But our focus is going to be on agricultural insurance. About 80 to 85 per cent of our portfolio would be agriculture and the rest will be conventional catering the other needs of farmers predominantly,’‘ Natraj told businessline.
The Hyderabad-based company, which started revenue operations early this year, has two tech driven crop insurance products, Sukriti and Prakriti as of now which offer cover on the basis of various parameters such as location and type of perils with some specifications.
“We have already filed for another product, Suvidha, with the regulator and are expecting approval soon. This will give us further edge in the market,’‘ Nukala added. Kshema also has another 20 products in the pipeline to cater to various requirements of crop insurance which are going to be launched down the line.
On the market potential, Nukala said with advancements in technology, which can be an efficient enabler, there is huge scope for crop insurance solutions.
Also Read | Farmer’s portal: How to get crop insurance?
“Technology is definitely a big advantage because it increases, improves the transparency and the trust building factor is quicker. For example, we can put all the processes, checks and balances with its help. You can use satellite-based images almost every day.,’‘ he said. Kshema is also working towards putting in place a technology driven process that can settle a claim in 48 hours.
The promoters infused Rs 120 crore capital in Kshema so far. “We are expecting break-even by the fifth year as the sectors [agriculture and allied] are very scalable and we believe we have inherent strengths in this field,’‘ Nukala said.
The insurer has 300 employees on its rolls now and is planning to increase to 600 over next 18 months.
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