SRI International today announced that its insurtech venture spinout, Wingsure, is expanding its artificial intelligence (AI) and augmented reality (AR) capabilities to deliver instant access to personalized insurance products for underserved small farmers and communities worldwide.
Wingsure is an insurtech platform that revolutionizes how small farmers and rural customers leverage insurance and financial products to transform their lives and livelihood. The U.N. reports the global rural population is more than three billion. Wingsure delivers instant access to all through personalized mobile-based insurance products and services. It supports economic empowerment with transparency and promotes sustainability through modern agricultural practices that preserve and enrich the environment.
“The benefits of artificial intelligence need to be accessible to everyone—not just the big corporations,” said Todd Stavish, vice president and managing director of SRI Ventures. “Bringing SRI’s computer vision and natural language processing technology into the hands of small agriculture allows Wingsure to reach communities that need this technology the most.”
The gap between economic losses and those that are insured widened in 2020 due to the pandemic. According to a Swiss Re Institute study, the global insurance protection gap reached a new high of $1.4 trillion. Wingsure connects insurance companies, brokers and agri-businesses with small farmers worldwide through their mobile devices.
Wingsure’s application leverages AI and machine learning (ML) to rapidly process insurance claims with the aid of SRI’s computer vision, geospatial and AR technology, which can confirm crop damage, identify the validity of insurance claims and make prompt settlement.
In addition to its advanced AI and ML, Wingsure combines voice prompts and natural language processing to allow farmers to speak in their native language. The platform can be scaled to integrate with existing mobile communication platforms and claims that previously took 3 to 12 months to complete can be verified and processed in minutes.
“Farmers are the foundation of our society, but many farmers worldwide are exposed to risks that could cost them their livelihood and their land. We now have the technology to protect these small farmers anywhere in the world,” said Avi Basu, founder and CEO of Wingsure. “Not only can we insure them, but by applying this kind of advanced technology, Wingsure can help farmers become more successful growers.”
Initial implementation will focus on India where 70 percent of households are dependent on agriculture for their living. Many are located in remote locations without access to financial services and are unable to insure against crop failure or other unexpected events. Wingsure’s mobile platform provides services that were previously inaccessible to this enormous market, where 800 million people are agri dependent.