Wingsure, an insurtech venture spun out of SRI International, announced that it will utilize artificial intelligence (AI) and augmented reality (AR) to provide small farmers and communities in underserved regions with instant access to customized insurance policies.
Avi Basu, founder, and CEO of Wingsure stated, “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. Not only can we insure them, but by applying this kind of advanced technology, Wingsure can help farmers become more successful growers.”
With Wingsure, small farmers and rural consumers can access insurance and financial products to improve their livelihoods and lives. Over three billion people live in rural areas in the world, according to the U.N. By providing personalized insurance products and services via mobile, Wingsure offers instant access to anyone and everyone. By using modern agricultural techniques, it promotes environmental conservation and enrichment while empowering economic empowerment.
AI and Machine Learning (ML) can help Wingsure’s application expedite the insurance claims process using SRI’s smart camera, geospatial software, and augmented reality technology, which confirms crop damage, identifies the validity of claims, and makes swift settlements.
Aside from AI and ML, Wingsure’s voice prompt system and natural language processing make farming as easy as possible. By integrating the platform with existing mobile communication platforms, claims previously taking 3 to 12 months to complete can now be verified and processed within minutes.
According to Todd Stavish, vice president and managing director of SRI Ventures, “The benefits of artificial intelligence need to be accessible to everyone—not just the big corporations. 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.”