Pradhan Mantri Fasal Bima Yojana (PMFBY), the crop insurance program of Government of India, gives us an opportunity to enrol non-loanee farmers into the scheme. The program is guided by very strong operational guidelines issued and amended by Government of India from time to time coupled with gazetted notifications issued by various State Governments. The scheme is highly subsidised by State, and Central Government and farmers need to give only a small portion of the actuarial premium. The current program is seen as one of the best in the developing world which has ensured better and timely claims to the beneficiary farmers thereby supporting them at distressed times. This also encourages farmers to adopt innovative methods and take the risk by adopting newer crops and technologies when backed by suitable crop insurance programs.
At Zoom Insurance Brokers, we have a very strong agriculture field team with in house quality check team supported by technological interventions. Field team ensures coverage of farmers under PMFBY with the help of various Panchayati Raj institutions especially Gram Panchayats and cooperatives. The farmer details, supporting documents and premium are mapped to crop insurance portal of Government of India which gets verified using Aadhar. Till now, we have been able to cover more than 2 million farmers and it has ensured financial protection to them at the most difficult times of natural calamities.
A vital element of the crop insurance program is the mass enrolment that helps insurance companies to spread their risk across all agro-climatic zones. It also takes care of obligatory premium contribution for insurers from the social sector.
We perform a very delicate task of first making farmers understand about the program and later on representing the macro data along with the required details to insurers. We are the generators of first-hand information which is of immense help to insurers and reinsurers equally.