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Insurtech start-up DigiSafe to launch insurance services across rural markets

DigiSafe is planning to empower rural people including farmers by supporting them to make informed decisions and increasing employment opportunities and revenue
Insurtech start-up DigiSafe to launch insurance services across rural markets
Insurtech start-up DigiSafe to launch insurance services across rural markets (Image: DigiSafe founding team)

Pune-based DigiSafe Broking, a digital insurtech startup, is set to launch its services across India. DigiSafe aims to bridge the glaring gap between the urban and rural areas for curated insurance products with an aggressive insurance penetration. The brand will bring simplified and affordable products that span across motor, health, livestock, crop and life insurance for people living in the rural areas at their doorsteps. DigiSafe received its IRDA (Insurance Regulatory and Development Authority) license and commenced its physical operation in September 2021.

DigiSafe is planning to empower rural people including farmers by supporting them to make informed decisions and increasing employment opportunities and revenue. It has been conceptualised on the decade-long research and analysis done by its founding team who explored the crop insurance segment across several states in India and concluded their observational analysis in a localised survey under the Government of India’s flagship agricultural insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY).

In its endeavour to serve rural India by eliminating the challenges faced by the people who commute vast distances for basic services, DigiSafe aims to offer several provisions like:

DigiOne: A partnership programme between DigiSafe and its channel partners that will identify, train and develop a team of certified point-of-sale persons (PoSPs) for insurance distribution through a combination of physical and digital modes. DigiSafe will leverage its geographical reach in rural areas across India and will gradually move towards tier-2 and tier-3 semi-urban markets to maximise the impact of DigiOne. This model will be regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and will assist clients with pre-sales, post-sales, and claim services.

1 Gram Insurance: Focusing on ‘one village, one entity’, DigiSafe will extend insurance cover to each and every household of the village with 1 Gram Insurance Concept. It will distribute through phygital model and relies on the agriculture technology data and data from the community. DigiSafe would create rural entrepreneurs by selecting a local from each region who becomes an underwriter and provides relevant policies for the day-to-day lifestyle needs of the people in that region.

Mera Assistant App for Rural: DigiSafe is establishing its virtual portal and will soon introduce an application called Mera Assistant App for rural people. It will serve them as their decision support system by gathering information from the field, community, and agricultural data. The application will keep its users up to date with weather, crop advisory, a predictive analysis insurance dashboard, and government initiatives. These features will aid its users with mitigating their risks and focusing more on revenue generation.

Enthused about the launch, the founding team of DigiSafe, Mallikarjun Kukunuri, Suman Roy Choudhury, Anupam Shrey, Rajat Dhar, and Ashwin Arora, said, “As India becomes synonymous with progressivism, the daily life of people in the economically backward regions remains a struggle. We understand their challenges concerning social and financial security as there is a constant uncertainty that looms over their livelihood. DigiSafe is our collaborative attempt to extend quality insurance solutions and spread awareness to the masses in rural India regarding a variety of products that are relevant to their requirements. We envision becoming a complete support ecosystem for rural Indians by ensuring a high-speed claim settlement and end-to-end assistance at their doorstep.”

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