A Revolutionary Partnership: Parametric Insurance for Fishermen via Sayuru App

In an unprecedented move to safeguard Sri Lanka’s coastal communities, Dialog Axiata PLC has teamed up with HNB General Insurance to launch a parametric insurance scheme for fishermen through the Sayuru App. This innovative initiative is aimed at mitigating the financial impact of extreme weather conditions on the livelihoods of day-boat fishermen.

Understanding the Need for Financial Security

For fishermen predominantly reliant on daily catch, unpredictable weather conditions have always posed a significant challenge. With cyclones and intense rainfall increasingly becoming a norm, safeguarding their income has become imperative. According to The Island.lk, this collaborative effort between Dialog and HNB General Insurance pioneers providing direct financial assistance to fishermen affected by harsh weather, thereby cushioning their economic blow.

Sayuru App: Bridging Technology and Tradition

The Sayuru App, a joint venture between Dialog, the Department of Meteorology, and the Department of Fisheries and Aquatic Resources, is not just a weather forecast tool. It is transforming into a comprehensive safety net, enhancing economic stability for the fishermen. With real-time weather updates and maritime safety alerts, the app equips fishermen with the necessary information to make informed decisions at sea.

The Parametric Insurance Approach

This insurance type activates coverage when specific parameters like cyclone conditions are officially declared. Such measures enable swift compensation without lengthy claims processes, ensuring that fishermen receive the financial aid essential for sustaining their families during downtime.

Voices from the Leaders

Sithumina Jayasundara, CEO of HNB General Insurance, emphasized the groundbreaking nature of this venture: “This partnership enables us to expand the reach of parametric insurance and redefine what insurance can offer our community affected by extreme weather.”

Meanwhile, Dialog’s Group Chief Executive, Supun Weerasinghe, highlighted, “Through this collaboration, we aim not only to ease financial burdens but also to push the envelope on digital financial inclusion within the fisheries sector.”

A Shared Vision for Resilient Communities

Both companies are driven by a shared vision of enhancing the resilience and sustainability of Sri Lanka’s coastal communities. By integrating insurance services with the existing capabilities of the Sayuru App, Dialog and HNB General Insurance showcase an exemplary model of using technology to empower those most vulnerable to climate adversities.

The Path Forward

This initiative marks a significant step towards comprehensive digital financial services tailored for the fisheries sector. As the partnership continues to evolve, it promises to inspire similar innovations across various sectors, reinforcing the vital balance between technological advancement and community welfare.

As stated in The Island.lk, the Sayuru App’s expanded functionalities not only symbolize a critical financial tool but also a beacon of technological hope for numerous fishermen, steering them towards safer and more secure waters.