Lexasure Financial Group, a leading reinsurance and insurtech provider in Southeast Asia, announces the launch of Flourish, a comprehensive mobile app providing farmers with insurance coverage and mobile technology in the event of failure to crops and livestock.
“There is a crucial need for technological interventions in crop insurance to make underwriting and claims more efﬁcient, transparent, and farmer-friendly,” explained Ian Lim, Founder & CEO of Lexasure Financial Group. “Due to small and scattered land holdings, greater yield variability and more frequent weather aberrations, it is imperative that we employ new technologies to increase the effectiveness of the insurance sector. As a result of solutions like Flourish, farms can hopefully realize one of the eternal dreams and necessities of mankind: to feed our population securely.”
Flourish aspires to help farmers manage risk by delivering insurance tools to the palm of their hands that manage crops, equipment, stock, and husbandry.
Real-time trending data enables farmers and insurers to calculate the extent of damage and quickly report losses due to weather or insured risk events, ensuring maximum accuracy and transparency with time-stamped photos. The application measures exposure to offer parametric insurance solutions which rely on indices correlated to actual losses. Farmers receive a payout of a predefined amount within a few days or weeks if the index reaches a predefined threshold.
Flourish offers a dual benefit to farmers and insurers:
For insurers, accurate assessment through quantitative claim data increases transparency and eliminates fraud. Better information and greater confidence equate to improved re-insurance rates.
For farmers, the app provides tools to manage their farms more efficiently and in partnership with insurers, secure in the knowledge that prompt payment will accurately reflect the loss.
“The interests of farmers and insurers are aligned: reduce risk and cost while increasing yield and efficiency,” Lim adds. “Flourish quickly delivers vital, actionable information that allows farmers to protect their incomes and their families at a fraction of the traditional cost.”
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