Through this package, the farmer gets animal insurance and farm management services only by taking a few pictures of his cattle
adorsho praniSheba Ltd has introduced insurance services through facial recognition technology to reduce the risk of investment for the marginalized cattle farmers.
The aim of the new solution adorsho praniSheba is offering, titled "Easy Package", is to make the life of the farmers easier by reducing the risk of losing livestock to natural disasters, said a press release.
Through this package, the farmer gets animal insurance and farm management services only by taking a few pictures of his cattle.
This system of animal insurance through face recognition technology is the first in Bangladesh.
Under this insurance scheme, the farmer can easily cover the permanent loss due to premature death and injury of his cattle.
Upon receiving compensation, they will be able to secure their precious assets.
praniSheba’s Easy Package has already applied for a patent under the Department of Patents, Designs and Trademarks of the Ministry of Industries, Government of the People's Republic of Bangladesh.
“By the use of information technology in agricultural extension activities, we are willing to improve the livestock sector of Bangladesh. The purpose of praniSheba Easy Package is to bring the livestock farms, especially the beef fattening farms under the safety net of animal insurance," said Fida Haq, managing director and chief executive officer of adorsho praniSheba Limited.
"Cattle is an expensive asset for a farmer. This project aims to reduce the financial risk associated with this asset. On one hand, livestock Insurance will reduce financial risk and will help create new farmers on the other hand, said Md Jamirul Islam, managing director & CEO of Phoenix Insurance.
It is important to bring 26 crore livestock under insurance facilities using technology, he added.
Dr. SM Nazrul Islam, president of the Bangladesh Veterinary Association, said: “Farmers are at great financial risk due to premature death and injury of cattle. Easy and affordable animal service package will work to reduce this risk. Moreover, thanks to this package, the farmer will be able to prevent premature death and disease of his cattle by getting vaccination and deworming services at the right time.”