Leads Connect Services, a premier agritech data, risk management, and financial services company, and Enredisut, an AI-based platform that brings efficiency to the insurance distribution cycle, have signed a Memorandum of Understanding to establish a strategic joint venture named ‘Leads Ensuredit Private Limited’.
The collaboration harnesses the power of technology, data analytics, and industry insights to improve the financial resilience of farmers and agribusinesses by developing tailored insurance products that help with enhanced risk management.
Leads Connect has been a leading force in pioneering inventive solutions for the agricultural sector, catering to the diverse requirements of farmers, agribusinesses, and financial institutions. It has brought about a paradigm shift in agricultural financing, ensuring effortless access to capital and financial services for farmers throughout the country, a company pressnote said on Wednesday.
It also said taht Ensuredit, an established platform-as-a-service (PaaS) insurtech provider in India, has positively impacted millions of individuals and businesses, transforming the insurance industry through state-of-the-art technological solutions.
The collaboration combines the proven expertise and capabilities of both organisations and creates a dynamic fusion of agricultural knowledge, agri-research, disaster risk management, and an understanding of insurance technology to provide a short and medium-term product roadmap for farmers and agribusinesses.
The primary objective of the joint venture is to build a futuristic insurtech infrastructure that will provide comprehensive insurance solutions and drive innovation in the agri-insurtech sector.
In the initial phase following the formation of the joint venture, the focus will be on expanding service offerings in national and international markets, the pressnote said.
Both Leads Connect Agritech and Ensuredit are committed to the success of the JV and will provide all resources to ensure its growth and development. Furthermore, Leads Ensuredit plans to hire an initial core team of 7 to 8 people, which will be expanded based on business growth needs.
Amit Boni, CEO of Ensuredit, commented, "We are thrilled to partner with Leads Connect in this exciting joint venture. The signing of the MoU and the alliance are history in the making.
"By springboarding on each other’s strengths, we’ll be offering unique value to the sector. With Leads Ensuredit, we aim to make a positive impact by providing farmers with innovative agri-fintech solutions that enhance their productivity, mitigate risks, and improve the overall ecosystem."
Navneet Ravikar, Leads Connect Services Chairman & Managing Director, expressed great enthusiasm about the joint venture, stating, "Leads Ensuredit represents an unprecedented opportunity to transform the agricultural landscape by leveraging the power of agritech, fintech, and insurtech.
"By combining our agricultural expertise with Ensuredit's technological prowess, we are confident that we can deliver ground-breaking financial inclusion that will empower everyone and contribute to the sector."
Leads Connect is an agritech company that provides a range of products and services to the agriculture industry. Their mission is to connect and empower farm value chains to enable a sustainable, scalable, and profitable agribusiness ecosystem.
The organisation also engages in research and development-based analytics related to climate and hazards, landscape, biodiversity, cities, and geospatial analytics.
Leads Connect has delivered projects related to remote sensing-based crop health monitoring, crop acreage, crop yield estimates, and risk and claim management services to various central and state organisations, insurers, and reinsurers.
Leads Connect Services also ventured into the manufacturing of affordable Kisan drones, high-endurance drones, submersible drones, IoT, and nano-satellites through their new unit, Leads Aerospace, for providing Earth Observation Analytics and Services to Agriculture and Other Industries, including Drone as a Service, Precision Farming, Smart Spraying, Surveillance, Monitoring, and Mapping, the pressnote added.