Lexasure, AgriG8 team up to offer insurance to Indonesian farmers
The partnership aims to financially guide rice farmers in Indonesia.
Southeast Asian insurer Lexasure Financial Group has signed a partnership with AgriG8 to offer insurance and finance solutions to Indonesian farmers.
AgriG8's technology's technology, along with Lexasure's insurance solutions and partner network of financial institutions, will enable farmers to access loans, crop insurance, advisory services, and crop monitoring through a mobile app.
Lexasure's Flourish app will offer insurance enrollment, management, and support to farmers, which Lexasure and AgriG8 said will help farmers' stabilise their income.
AgriG8's technology features an appraisal system with a variety of capabilities that include digitally mapping farm boundaries, generating yield predictions, determining loan sizes, and assisting farmers in optimizing nutrient efficiency.
The partnership is aimed at strengthening the financial infrastructure and making it more accessible to rice farmers in Indonesia, as well as their suppliers and affiliated financial organisations, the two companies said in a joint statement. Lexasure and AgriG8 hopes to reduce costs, mitigate risks, and provide a platform to create customized opportunities for this previously underserved market.
To ensure reliability, pilot trials will be conducted in various regions of Indonesia. The initial trial will take place in farmlands near Cilegon in the Banten province, which is located close to Jakarta.