Monday, August 26, 2019
News
NEWS HOME
»
PRN INDIA
World Bank Group's Agri Insuretech Challenge Awards Nine Entrepreneurs for Innovative Agriculture Solutions
  SocialTwist Tell-a-Friend  
   

  • World Bank Group's flagship program, Global Index Insurance Facility (GIIF), facilitates access to finance and insurance solutions for smallholder farmers.
  • Supports and enables farmers to access finance and build resilience against future farm risks

MUMBAI, July 13, 2019 /PRNewswire/ -- World Bank Group, through the Global Index Insurance Facility (GIIF) and Sankalp Forum by Intellecap, announced the winners of Agriculture Insuretech Innovation Challenge at the Agri Insuretech Forum that took place at the Taj Mahal Hotel in Mumbai, today.

The event witnessed participation from leading insurance companies, government officials from Ministry of Agriculture, impact investors, and innovators incubators from the agriculture, technology, and insurance sectors. The platform held key panel discussions on bringing together the agri-insuretech ecosystem stakeholders such as innovators, investors, government, academia, technology and financial services companies to deliberate on the role that technology innovations can play in driving the design, distribution and adoption of agricultural insurance solutions. Key government dignitaries Suhas Divase, Commissioner of Agriculture, Government of Maharashtra and Dr. Ashish Kumar Bhutani, CEO, Pradhan Mantri Fasal Bima Yojana, Government of India were also part of the panel discussions.

Speaking about the strategic partnership, Vikas Bali, CEO, Intellecap Advisory Services, said, "The partnership between GIIF and Intellecap comes at a very important time. Solving agri and smallholder farmer incomes is key to making a more equitable and sustainable ecosystem. Through this partnership, we have brought together innovators from 21 countries who will drive this change. This summit is just a start of a long eventful journey."

Of the world's 500 million smallholder farmers, around 400 million are in Asia. The region is home to some of the world's most climate-exposed territories and has been disproportionately hit by the effects of climate change, with 45  percent of the world's natural disasters occurring here in the past three decades. Smallholders farmers, in particular, are suffering from crop failures that can threaten their economic livelihood. The  Global Index Insurance Facility (GIIF), is supporting farmers and micro-entrepreneurs in developing countries to gain better access to finance and manage financial losses arising from frequent and severe weather events.

Fatou Assah, GIIF Program Manager, World Bank Group, said, "The World Bank Group is committed to promoting agriculture insurance for smallholder farmers, so they can protect themselves against more frequent and severe climate events. The adoption of Insuretech solutions helps reach the larger number of low-income rural populations with financial products that are needed, cost-effective, transparent, and simple. I am delighted that the innovators participating in this challenge are contributing to the betterment of the rural finance ecosystem with scalable technology solutions that can be replicated in other geographies."

The event was closed with the announcement of the Agri Insuretech Challenge winners. The Awards recognized some of South and Southeast Asia's most promising entrepreneurs who are using technology to address challenges in providing agricultural insurance to farmers. The awards were given under three categories of an insurance product's lifecycle -- Data & Analytics, Sales and Distribution, and Premiums & Claims. The 9 winners, selected from 24 challenge finalists and 105 applicants, won cash awards valued at $270,000. They will now collaborate with WBG's Global Index Insurance Facility to develop their solutions further to improve agricultural insurance products and their uptake, particularly in the Asia Pacific region. The nine winners are:

Data & Analytics:

  1. Stellaps
  2. MoooFarm
  3. Niruthi

Sales & Distribution:

  1. ICT 4 Agri
  2. Hara
  3. HF Mlog

Premiums & Claims:

  1. Gramcover
  2. Coastal
  3. Dhwani RIS

Keynote speaker, Vineet Rai, CEO of leading impact investment group, Aavishkaar Capital said, "There is a huge opportunity for entrepreneurs if they look at different verticals in the agriculture value chain and create specialization. Capital should not be an issue as there is serious interest in agri tech from the investor community."

About the GIIF:

The World Bank Group, through the Global Index Insurance Facility (GIIF), helps smallholder farmers and micro-entrepreneurs gain better access to finance, manage financial losses, and protect their livelihoods against more frequent and more severe weather events. With an objective to develop effective and sustainable markets for agriculture insurance, GIIF, since 2009, has facilitated more than 4.6 million contracts, covering over 23 million beneficiaries and $730 million in agricultural investments insured in more than 30 developing countries. For more information, visit: www.indexinsuranceforum.org

About Sankalp Forum:

Sankalp Forum was initiated in India in 2009 by Intellecap, part of the Aavishkaar Group, to create a thriving ecosystem for business-led inclusive development. Over the past 10 years, Sankalp has built one of the world's largest impact enterprise focused platforms that has showcased and discovered 1600+ entrepreneurs, through 20+ editions and has connected them to 500+ investors. Sankalp has enabled enterprises and entrepreneurs and has helped raise over USD 250 million in funding. Sankalp Forum engages with Governments, Corporations, influential platforms like the G8 and G20, media and civil society to drive a paradigm shift in inclusive development approaches. With a global network of 100,000+ ecosystem players, we continue to build businesses for the next 3 billion. For more information, visit: www.sankalpforum.com

About Intellecap

Intellecap a part of The Aavishkaar Group, is a pioneer in building enabling ecosystems and channeling capital to create and nurture a sustainable  and equitable society.  Founded in 2002, Intellecap works across critical sectors like Agriculture, Livelihoods, Climate Change, Clean Energy, Financial Services, Gender & Inclusion, Healthcare, Water and Sanitation, and has delivered over 500 global engagements across 40+ countries and syndicated investments of over $500 Million USD in Capital. Intellecap through its presence in India and Africa, provides a broad range of Consulting, Research and Investment Banking Services, to Multilateral Agencies, Development Finance Institutions, Social Enterprises, Corporations, Investors, Policy Makers and Donors. Our common action platform, Sankalp Forum, one of the largest global inclusive development platforms, brings together the ecosystem to shape the way markets work for delivering the SDGs 2030. Select clients of Intellecap include the USAID, Rockefeller Foundation, World Bank, Ford Foundation, The Hans Foundation, Doen Foundation, GIZ, DFID, Hindustan Unilever, P&G, International Finance Corporation, Asian Development Bank and Michael and Susan Dell Foundation.

For more details please visit, www.intellecap.com

Media Contact :
Farooque Shaikh
farooque@the-practice.net
+91-9594777764
The PRactice

More News by PR Newswire India

ZOYA - A Tata Product Introduces 'Rhapsodie'

Consumer Activist Shiv Shankar Gupta Urges People to be Wary of Premium Salt Brands

Ted and Amauri Paraskakis - two foodies showing the world another side of loving foods

VeChain Attends Shanghai International Blockchain Week 2019

Redefine Travel Data Intelligence: Airsavvi Launches as VariFlight's Data Arm for Corporate Clients

Xinhua Silk Road: Haier builds responsible brand worldwide

'Sounds That Bring You Peace', Ĺ KODA INDIA'S All-new Social Experiment

Chitkara University Goes Ethnic, Replaces 'Colonial Gown' With Traditional Wear

Cyril Amarchand Mangaldas Advises Indifi Technologies on 'Series C' Funding Round led by CDC Group and Existing Investors

Dr. Amrita Vohra Recognised as 'Future 50 Leader Shaping Success'

HGC completes acquisition of Macroview, a leading digital technology and IT infrastructure solutions provider

LONGi Solar achieves top-performing AA-rating status in new PV ModuleTech Bankability rankings

In Mind Cloud Appoints Karan Sood as Chief Technology Officer

Glenmark Pharmaceuticals Receives ANDA Approval for Fulvestrant Injection, 250 mg/5 mL (50 mg/mL)

Country Garden releases 2019 H1 results report

MCRA Hires Reimbursement Leader Tonya N. Dowd, MPH, as Vice President of Reimbursement, Health Economics, and Market Access

A grain of truth: The Cambodian Rice Federation (CRF) appeals to the European Union to save the livelihoods of half a million families

/C O R R E C T I O N -- EW Healthcare Partners/

EW Healthcare Partners Raises Over $745 Million Fund 2a

The International Dota 2 Championships 2019 Kicks off in China

Casio to Release Second Set of EDIFICE Collaboration Models With Honda Racing & Scuderia Toro Rosso F1 Team

Digital Banking Solution Provider, Clayfin Technologies Relocates to a Bigger 'New-age Open Office' to Reflect its Brand Promise and Meet the Growing Demand for its Expertise in Digital Transformation

Kokoon Global, Per Jacob Solli Welcome Bodø Nu Media Redaction, Clarification

Apptio Opens First Center of Excellence in India to Recruit Top Talent and Help Companies Fuel Digital Transformation

VeChain Attends the 1st Important Product Tracing Expo (Shanghai) And Showcases Multiple VeChain ToolChain-Based Solutions

Perfetti Van Melle India Expands Center fresh Brand Portfolio With Launch of Center fresh 3 Layer Gum

ValueLabs Wins big at Asia's Best Employer Brand Awards 2019

Low-Code Is the Future - OutSystems Named a Leader in the 2019 Gartner Magic Quadrant for Enterprise Low-Code Application Platforms

GIIS Hosts Fourth Edition of Model United Nations 2019

QAD Prepares for 5G Connected Factories

Alliance to End Plastic Waste Appoints Jacob Duer As President And Chief Executive Officer

TO THE NEW Develops 'Performance Smartboard' for the Ministry of External Affairs

Frost & Sullivan: Tighter Border Security Measures Increases Growth Opportunities for Biometrics in the Public Segment

TECH5 Becomes the First ABIS Vendor to Fully Integrate Its Biometric Technologies With MOSIP® Identity Management Platform

NDB obtains AAA rating from Japan Credit Rating Agency

Wefast via its Parent Company Dostavista, the Leading Crowdsourced Same-Day Delivery Service, Secures $15 Million in Series B Funding

Ferns N Petals' Contribution Towards Society

World's Largest Youth Run Organisation - IIMUN's National Championship Conference Helps Bring the World Closer, the Indian Way

Smiths Detection Opens State-of-the-Art Service, Training and Experience Centre in India

SRKay Ropes in Yet Another Industry Veteran to Head its European Business

Acronis True Image 2020 Automates 3-2-1 Backups as the Only Personal Solution to Replicate Local Backups in the Cloud

Growth Opportunities in the Global Animal and Pet Nutrition Ingredients Market Look Promising

Super Antioxidant Ergothioneine Achieves GRAS Status from FDA

Pneuma Respiratory, Inc. Announces New Chairman of the Board

Biotech Conagen Acquires Production Platform of Therapeutic Proteins

Metallix Refining Announces New Asia Location

Weddingz.in Witnesses 480% Revenue Growth 12 Months Post-OYO Acquisition; Expands to Over 30 Cities in India

Autodesk University India 2019 to Showcase the Potential of Automation to Design and Make a Better World

Shell's IT-Day Charts Course for Industry-wide Digital Transformation

Robert Redford Joins HSH Prince Albert II of Monaco In His Fight for the Future of the Ocean

Thailand BOI, University Network to Spur R&D Linkage with Industry

86% of Users Quit Shopping Apps After 4 Weeks: New Research From CleverTap

3M India Awards the Winners of '3M-CII Young Innovators Challenge Awards 2019'

Gavin Bambury named OANDA(R) CEO

A Power-packed OPPO Reno2 to Feature Qualcomm Snapdragon 730G Processor and the Advanced VOOC 3.0 Flash Charge Technology

Quantela to Roll Out Smart City Services in the Opportunity Zones of the City of Erie, PA

Astral Pipes Join Hands With Prabhas Starrer Saaho

IMC Group: Singapore Ranks Among the Easiest and Best Places to do Business Worldwide

ASCENT Foundation to Host Ascent Conclave 2019 - The Fourth Edition of Their Annual Flagship Event

68% Data Scientists use Python Programming Language, 56% Prefer Tableau for BI: Data Science Skills Study 2019

GPX India Expands its Cloud Ecosystem by Supporting Linode's Launch of Cloud Services in India

MINDBODY Acquires Software Consulting Firm Simplicity First

With a printing solution for all, Pantum strives to meet diverse consumer needs in the growing Indian market

D-Link Showcases Industrial Solutions at the 2019 Taipei Automation Exhibition

Versa Networks Partners with Tangible Technology to Offer Software-Defined Managed Services for Australia Enterprises

IBM Commended by Frost & Sullivan for its Software-defined Storage Platform, IBM Cloud Object Storage

UPDATE: Venture Global Announces Final Investment Decision and Financial Close for Calcasieu Pass LNG

Brazilian Telcos Upgrade their B2B and B2C Offerings to Become One-stop ICT and Digital Solution Providers

Clinical Decision Support Systems Revolutionize the EMR to Become the Leader for Patient Empowerment

Smarten Augmented Analytics: Sophistication and Simplicity

NCCN Updates Spanish Adaptations of NCCN Guidelines to Enable Better Cancer Prevention, Diagnosis, and Treatment in Spain

IMKAN Awards China's CNTC as Main Contractor for Pixel Project in Makers District on Reem Island

AntWorks is recognised as a Leader in NelsonHall's NEAT for Intelligent Automation Platforms

Hisense Launched First Social TV With Exclusive Hi Table Interactive System in Chinese Market

Nexteer and Dongfeng Components Joint Venture Begins Steering Systems Production

Rajshri Entertainment Forays Into the Fiction Genre With Marathi Web-series 'U Turn'

EagleView CEO Returns to his Roots With Opening of New R&D Center in Bengaluru, India

Cybershoes®: The Next Leap Into Virtual Reality

Henley & Partners: Rising Anxiety Over Impact of No-Deal Brexit on Britain's Passport Power

LifeCell Launches 'PrepaCyte-CB®' Cord Blood Processing Technology as a First in India

Novotel Kolkata Hotel & Residences Reframes MICE in Eastern India

Ex-Aon Hewitt CEO Sandeep Chaudhary Joins Recruitment Firm Taggd on Advisory Board

Star Air Customers can Now Book Tickets From MakeMyTrip and Other OTAs

Caribbean Citizenship by Investment Tops New 2019 CBI Index Yet Again, FT Publication Shows

Team Chandigarh University Makes India Proud at Dance World Cup 2019: Lifts 1st Runners-up Trophy Beating Teams From 19 Countries

Scaled Agile Launches Core Working Group for SAFe® in India

Venture Global Announces Financial Close for Calcasieu Pass LNG

2019 CC Awards - Kahuna Winners Announced

"Evidence Based Legislative Interventions Required to Make Indian Road Safer," say Experts in Workshop Organised by ThinkNiti on Motor Vechicle Amendment Act 2019

21st CBD Fair (Guangzhou) in China Attracts Nearly 200,000 Visitors, New Exhibition Announced for 2020

'Full-Scenario Retail' Approach Boosts Suning.com 818 Shopping Festival

World For All Partners With TikTok to Launch its Animal Welfare Campaign #PetBFF

If You Were Injured By A Malfunctioning Takata Airbag, You May Still Be Eligible For Compensation Through The Special Master's And Trustee's Claim Process For Personal Injuries Or Wrongful Death

Energy EXCH Launches Economic Calendar for Oil Traders

Nixplay Signage and PCCW Global to collaborate on IoT and digital signage

Merck Granted Seven Additional CRISPR Patents, Bringing Total to 20 Worldwide

Microland Names Ashish Mahadwar as President for Global Sales & Marketing

Gryphon Investors Agrees to Invest in Enthusiast Hand-Protection Brand, Mechanix Wear

Sri Sri Received by Venezuelan Delegation Amidst Social and Political Logjam

Glenmark Receives Approval for Combination of Remogliflozin Etabonate and Metformin Hydrochloride for Adults With Type 2 Diabetes in India

LUI Che Woo Prize Reveals 2019 Laureates

Mekosha Ayurveda Spasuites Retreat Kerala Launches New Wellness Programs

Pennar Industries Bags Orders Worth INR 538 Crore

TrackMyPhones Founder Srihari Karanth Feted With 'Top 50 tech Visionaries Award' for Pioneering Development in Remote Tracking Safety Apps

Drive Technology Holland Launches Gearless Drive System

US Court Refuses To Halt Discovery Against Kazakh State Assets Held Around The World

OPPO Reno2 Series Set to Redefine Creativity

Media Members Tee Off At Forest City Classic Golf Course

Xinhua Silk Road: North China's Alxa League to hold autocross festival in Oct.

Beijing's Green Belt & Road Forum Draws Global Lenders

Second Edition of TechLaw.Fest Addresses Challenges Surrounding Data Access and Control, Data Security, 5G, and the Role of Data in Commerce

BloombergNEF Awards Sungrow a 100% Bankability Rating

"Borderline" Becomes Southeast Asia's First Contemporary Artwork to be Acquired by France's Guimet Museum

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Agartala-Delhi direct flight to improve ...
Age is just a number: Vintage MiGs, old ...
IAF taps all sources for new fighters...
Imports, indigenous production of fighte...
Woman suspected of black magic killed in...
Tripura CM mourns Arun Jaitley's death...
More...    
 
 Top Stories
Questions crop up over washed away ... 
Worlds title a dream come true: Man... 
Angelina Jolie feels fighting for b... 
Shawn Mendes apologises over racist... 
Here's how diabetes can elevate can... 
Tej Pratap plays Lord Krishna on Ja... 
TN: Political parties stage protest... 
Modi bats for strengthening India-U...