Kshema General Insurance's Bold Focus on Crop Protection: Unveils Plans for 20 Tailored Products

The insurance landscape is witnessing a new entrant as Kshema General Insurance steps into the arena with a robust plan to offer specialized products tailored to agricultural insurance. Natraj Nukala, Founder and Chairman of Kshema General Insurance, revealed that the company is set to introduce a comprehensive lineup of around 20 products to cater to the diverse needs of farmers and the agricultural sector.

While Kshema General Insurance operates as a general insurance company under its license, its primary focus is directed towards agricultural insurance. Natraj Nukala mentioned, "About 80 to 85 per cent of our portfolio would be agriculture, and the rest will be conventional, catering to the other needs of farmers predominantly."

The Hyderabad-based insurer, which commenced revenue operations earlier this year, has already rolled out two tech-driven crop insurance products: Sukriti and Prakriti. These products offer coverage based on multiple parameters, including location and specific perils with designated specifications.

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The company has submitted an application for regulatory approval of another product, Suvidha, which is expected to receive authorization soon. According to Natraj Nukala, this forthcoming product will further strengthen the company's market position. Kshema General Insurance has ambitious plans, with an additional 20 products in the pipeline, all aimed at addressing various requirements of crop insurance.

Advancements in technology play a pivotal role in the company's approach to crop insurance solutions. Natraj Nukala emphasized, "Technology is definitely a big advantage because it increases transparency, and the trust-building factor is quicker." He highlighted how technologies like satellite-based imagery can be harnessed to enhance processes, checks, and balances. The company is actively working to implement a technology-driven claims settlement process that could achieve a claim settlement within 48 hours.

Kshema General Insurance's promoters have infused Rs 120 crore in capital thus far. The company has ambitious goals, expecting to reach break-even within five years due to the scalability of its target sectors, primarily agriculture and its allied fields. Presently, the insurer employs 300 professionals, with plans to double its workforce to 600 over the next 18 months.

As Kshema General Insurance enters the market with a focused agricultural insurance approach, it aims to leverage technology to provide efficient and transparent services that address the unique challenges and needs of the agricultural community.

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