Press Release: April 14, 2019
Farmers across the state of Maharashtra have yet another reason to celebrate this Gudi Padwa. A popular scheme, PM Kisan Yojna was launched last month. It provides an income support to small & marginal farmers of up to INR 6000/- per annum via direct cash transfer to their bank accounts. In past, the utilization of subsidy related schemes noticed relatively low utilization owing to the procedural challenges. The National Livestock Mission by the GoI which provides a subsidy of up to 70% to the farmers on Insurance of their Livestock recorded a nation-wide penetration of less than 2% annually since its launch a decade ago.
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 2018. They subsequently appointed an Ahmedabad based Tech Start-up XMPlify Techno Labs Pvt. Ltd. www.xmplify.tech, to design robust Insurance ERP platform and 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 with an online payments option.
“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. The solution was launched by Mahadev Jagannath Jankar, Hon. Minister – ADF, Govt. of Maharashtra on December 17, 2018 in Pune
“The technology platform delivered by XMPlify allows the government authorities to track real-time progress of the scheme district wise, taluka-wise with subsidy utilization, claims status etc.” claimed Manoj Kern, CIO Prudent Insurance Brokers
“The XMPlify’s digital platform with advance technology implementation such as image matching and OCR (Optical character recognition) based tag number reading will allow New India Assurance to easily verify, validate and settle claims in less than 15 days, which otherwise could take more than few weeks and months in some cases” says Premchand More, Sr. Divisional Manager at New India Assurance.
Chintan Adva positively expects to replicate the organizational success of Live Stock Insurance App in other states across India with their partner XMPlify and is excited about creating a positive impact towards the landscape of Rural Insurance in India
Read more about the app www.xmplify.tech
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