California-headquartered research and development company, SRI International has announced that its insurance technology spinout- Wingsure is expanding its AR (augmented reality) and AI (artificial intelligence) offerings to provide instant access to customized insurance products for small farmers and communities across the globe.
Notably, Wingsure is an insurtech solution that has changed the way small farmers and rural clients use insurance and other financial products to enhance their lives. It offers customers instant access to all its mobile-based insurance products and services.
In addition to above, the enterprise supports economic development with transparency and encourages sustainability through advanced agricultural practices that preserve the environment.
As per a statement by Todd Stavish, Vice President and Managing Director, SRI Ventures, “extending SRI’s computer vision and natural language processing technology to the small farmers will enable Wingsure to reach communities that require the technology the most”.
It is worth mentioning that the gap between economic losses and those insured had increased in the year 2020 owing to the coronavirus pandemic. A study by Swiss Re Institute depicts that the global insurance protection gap increased to USD 1.4 trillion.
For the record, the solution by Wingsure connects insurance companies, agricultural businesses, and brokers with small farmers across the globe through their mobile phones.
The technology leverages machine learning and AI to process insurance claims with the help of SRI’s computer vision, AR and geospatial technology, that can inform regarding crop damage, validate insurance claims and make settlements.
Along with AI and machine learning, Wingsure also integrates voice prompts and native language processing to permit farmers to speak in their native language.
Initial implementation of the technology by Wingsure will focus on India where nearly 70% of the households depend on agriculture for their livelihood, with many located in remote locations without any access to a reliable financial mechanism.