The Feasibilities Of Modern Technology For India’s Crop Insurance Scheme

Document Type : Primary Research paper

Authors

1 Research Scholar, Department Mathematics & Actuarial Science, B S Abdur Rahman Crescent Institute of Science & Technology, Chennai, 600048, India

2 Professor, Department Mathematics & Actuarial Science, B S Abdur Rahman Crescent Institute of Science & Technology, Chennai, 600048, India

3 Associate Professor, Department Mathematics & Actuarial Science, B S Abdur Rahman Crescent Institute of Science & Technology, Chennai, 600048, India,

Abstract

The new technology is an essential for the future world. The changes in the entire sectors have led to immeasurable efficiency gains. Earlier these changes can initially be accompanied by uncertainty, but the latter will lead to success for every sector. In this time the insurance sector also needs with developments in new technology leading to possibilities of new methods of service to public. So the term “InsurTech” is being used to describe the new technologies with the potential to bring innovation to the insurance sector. In this paper study the Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme. The insurance scheme replaces the National Agricultural Insurance Scheme as well as the Modified National Agricultural Insurance Scheme. It is ensuring the credit to the agriculture sector, which will contribute to food security, crop diversification and enhancing the growth of agriculture sector. This research article discus briefly about the crop insurance challenges and takes action along with technologies for future implementation in the crop insurance sector to promote its servicing farmers and promoting crop insurance business.

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