India-based National Insurance has developed a biometric Cattle UID which public-sector insurer, Biomatiques Identifications Solutions, plans to use to reduce fraudulent claims. Normal methods such as ear tagging, which can be tampered with, means private insurers are reluctant to insure cattle, as fraud pushes the claims ratio as high as 120%. The new technology could also benefit India’s more than 250 million farmers who struggle to access capital and protection, as livestock is not considered a bankable asset.
India-based Biomatiques Identifications Solutions has developed a biometric Cattle UID which public-sector insurer, National Insurance, plans to use to reduce fraudulent claims. Normal methods such as ear tagging, which can be tampered with, means private insurers are reluctant to insure cattle, as fraud pushes the claims ratio as high as 120%. The new technology could also benefit India’s more than 250 million farmers who struggle to access capital and protection, as livestock is not considered a bankable asset.