Leads Connect Services, a premier agritech data, risk management, and financial services company, and Ensuredit, an AI-based platform that aims to bring efficiency to the insurance distribution cycle, have announced a memorandum of understanding (MoU) to establish a joint venture (JV) 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 providing inventive solutions for the agricultural sector, catering to the diverse requirements of farmers, agribusinesses, and financial institutions. It has brought deals in agricultural financing, ensuring access to capital and financial services for farmers throughout the country.
Ensuredit, an established platform-as-a-service (PaaS) insurtech provider in India, uses state-of-the-art technological solutions in the insurance industry.
The collaboration combines the proven expertise and capabilities of both organizations. It creates a 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, a statement issued said.
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.
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. 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, said, “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, chairman and managing director, Leads Connect Services, 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.”