IFMR, HDFC Ergo redefine cattle insurance using RFID technology

The next time, if one visits Thanjavur or Tiruvarur district (home district of Tamil Nadu Chief Minister, M Karunanidhi), it will be interesting to see milch animals sporting RFID tags in their ears instead of the traditional plastic or metal tags, to show their status as insured cattles.

In a bid to make cattle insurance a stand alone cover and more relevant to the rural households than bundling it (compulsorily) with the loan, IFMR Trust Holdings together with HDFC Ergo GIC has introduced innovative livestock insurance with advantages like lower premium and providing health services using RFID technology.

IFMR Trust, which has Dr Nachiket Mor, former ICICI director, as chairman of its Governing council, is focused on creating a new class of rural finance entities. It is offering the insurance product through the branches of its rural arm Pudhuaaru Kshetriya gramin financial services (KGFS) in the two districts.

S G Anilkumar, CEO, IFMR Trust holdings told ET, “The product is the result of three years of market study. Besides HDFC, we have partnered with Dairy Network enterprise (DNE), a supply chain focused company and health services firm NE MilkRush to tap the huge market for livestock insurance".

Source - economictimes.com