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Use of muzzle prints may double cattle insurance business
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Use of muzzle prints may double cattle insurance business
Mayur Shetty / TNN / Updated: Mar 3, 2021, 11:42 IST
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MUMBAI: The market for insuring cattle could potentially double with technology that helps in identifying them using images of their muzzles (noses), which is as unique as a human fingerprint.
One of the biggest issues faced by insurers is that they can never be sure if a cattle claim is for an animal they have insured. As a result, only 4% of cattle are insured while 7-8% are funded through bank loans.
Dvara E-Dairy Solutions, an arm of Dvara Trust (formerly known as IFMR Trust), has developed a mobile application that can scan the muzzle print. This is considered as a unique biometric identifier for cattle such as cows and buffaloes. Dvara has tied up with insurance companies and aims to provide cover for close to 1 million heads of cattle using this technology.