For the first time in the history of livestock, adorsho praniSheba Ltd has introduced insurance services through face recognition technology to reduce the risk of investment for marginalised cattle farmers.
The marginalised farming communities of Bangladesh are largely dependent on their farm animals. In a country prone to natural disasters, loss or death of livestock is not uncommon. The aim of the new and innovative solution, Easy Package of praniSheba Limited, is to make the life of the farmers easier by reducing that risk. 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 and quite rare even around the globe. Under this insurance scheme, the farmer can easily cover the permanent loss due to premature death and injury of cattle. Upon receiving compensation, they will be able to secure their valuable assets.
praniSheba’s Easy Package has already applied for a patent under the Department of Patents, Designs and Trademarks of the Ministry of Industries.
Fida Haq, managing director and chief executive officer of adorsho praniSheba, said, “By the use of information technology in agricultural extension activities, we are willing to ameliorate 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.”
Md. Jamirul Islam, managing director and CEO of Phoenix Insurance said, "Cattle is an expensive asset for a farmer. This project aims to reduce the financial risk associated with this expensive asset. On one hand, livestock Insurance will reduce financial risk and will help create new farmers on the other hand. Thus, it will play an important role in the economy by creating huge employment opportunities."
He also said, “It is important to bring 26 crore livestock under insurance facilities using technology.”
SM Nazrul Islam, the current 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.”