Page 37 - Insurance Times July 2023

weather station data to satellite imagery based gridded data. distributors to the rural market by offering in conjunction
Parametric insurance works on pre-defined events or triggers, with an insurer.The insurers to expand such parametric
such as natural disasters or adverse weather conditions. Unlike insurance solutions beyond extreme weather events and
traditional insurance policies, which reimburse the policyholder explore innovative solutions like energy production shortfalls
based on the survey outcome of the losses, parametric and similar events for which data points are available for the
insurance pays out a fixed amount in the event of a breach of underwriter to design the cover and rate the risk.
the trigger points for weather parameters like rain,
temperature, humidity, and so on. Looking ahead, I am excited about the future of crop insurance
and the opportunities it presents for the agriculture industry.
Parametric insurance policies use pre-defined parameters or With advancements in technology, data analytics, and remote
triggers, such as rainfall levels or humidity, to determine the sensing, crop insurance has the potential to become even
claim payout amount. The pay-out is triggered automatically more effective and efficient in managing agricultural risks. I
when the pre-defined parameters are met, without requiring am committed to staying at the forefront of these
the policyholder to submit any claims or undergo lengthy developments and continuing to contribute towards the
claims assessments. growth and evolution of crop insurance in the agricultural
landscape.
The Government of India is covering certain crops in another
scheme called RWBCIS i.e. Restructure Weather-based Crop In conclusion, my journey in crop insurance has been a fulfilling
Insurance Scheme. It's majorly used to cover the horticulture and meaningful one. It has been a privilege to work with
crops in various states. farmers, insurance providers, and other stakeholders in the
agricultural industry, and to witness the positive impact that
The Parametric insurance, apart from its coverage as crop insurance can have on farmers' livelihoods. I am grateful
mentioned above for the small, marginal, or big farmers, can for the opportunities I have had in this journey.
also be used on a macro basis by the government. It will work
as a shield to State funds in case of any major calamity such About Bishwesari Singh
as a flash flood against which the State may consider taking
Bisheshwari Singh, is a fellow from the III and associated
insurance protection in the form of parametric insurance
with ITGI and Universal Sompo GIC. He was the chief
solution.
marketing officer at Universal Sompo till 2020 . He started
as an entrepreneur in 2021 and started a crop advisory
Going ahead, we do see a growing market for parametric
company, from crop loss estimation with the name Global
insurance in the agriculture and rural sector under the 'Model
Ark Consultancy Services Pvt. Ltd.
Insurance Village' program from IRDAI. It will attract many

PRESS RELEASE

Bajaj Allianz General Insurance to Conduct the First-Ever General

Insurance Festival of India (GIFI)
Bajaj Allianz General Insurance, one of the leading private general insurers of India will be hosting the General Insurance
Festival of India (GIFI), which is the first of its kind event being organized in the insurance industry. The one-day festival will
include various interactive activities like motivational sessions by renowned speakers, a lifestyle zone, live performances by
renowned music composer Pritam, an entertainment segment by comedian Sunil Grover and many more experiential
activities. As part of the festival, the Company has also announced an awards ceremony for general insurance agents called
the “GIFI Awards” where health and general insurance advisors across the industry can nominate themselves for the GIFI
awards. This event will be hosted on the 3rd of July 2023, in Pune.

The company will be pioneering the GIFI Awards in India to recognize the highest-rated general insurance agents in India
and honour their hard work and passion towards the general insurance industry. The honourable judges for the event will be
Dr. S Prakash, Managing Director, Star Health Insurance, Mrs. Alice G Vaidyan, former Chairman and Managing Director of
General Insurance Corporation of India, and Mr. Nilesh Sathe, Former Member, IRDAI.

The Insurance Times July 2023 33