SINGAPORE, Nov. 16, 2022 /PRNewswire/ — Against a backdrop of worsening vulnerability to climate-related agricultural risks, Lexasure Financial Group, a leading reinsurance and insurtech provider in Southeast Asia, announced 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. The goal is to stabilize farmers’ income in Southeast Asia and encourage them to adopt modern agricultural practices.
“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 efﬁcacy and effectiveness of the insurance sector. As a result of innovative solutions like Flourish, farms can 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, who bear significant annual expense that does not increase yield, 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 noted. “Flourish quickly delivers vital, actionable information that allows farmers to protect their incomes and their families at a fraction of the traditional cost.”
Lexasure Financial Group is a leading Southeast and South Asia reinsurance company providing reinsurance and digital insurance solutions, including Reinsurance-as-a-Service (RaaS), that enable our clients to manage risk, accelerate growth, and effectively compete. We are driving the digital transformation of the insurance and reinsurance industry with scalable and innovative products that meet the local needs of companies and people in fast-growing Asian markets. Our management team has deep expertise in the industries of reinsurance, insurance, and insurance tech. Our values are based on a belief that our products enable customers to live and grow boldly while enhancing resilience. We serve over 60 primary insurers across 18 countries in Asia and North America. For more information, go to lexasure.com.
Crocker Coulson, AUM Media
SOURCE Lexasure Financial Group