How Anuj Kumbhat of WRMS is Shaping the Future of Climate Risk Management
📝Interviews
Anuj Kumbhat, Founder & CEO of WRMS, has dedicated his career to helping vulnerable communities tackle the growing challenges of climate change. WRMS, in the beginning, focused on supporting farmers, but later expanded to offer climate risk management solutions across industries like agriculture, travel, and renewable energy. In this interview with StartupTalky, Mr. Kumbhat shares his journey and insights on the future of climate risk management.
StartupTalky: What inspired the founding of WRMS, and how has its mission evolved since then?
Mr. Kumbhat: WRMS was founded with a deep commitment to empowering vulnerable communities and businesses to navigate and overcome the challenges posed by climate change. Initially, the company’s primary focus was on agriculture, developing innovative solutions to help farmers manage climate risks. However, as the company's expertise in climate risk management and technologies grew, so did its mission.
WRMS expanded its reach into other critical sectors, including travel, supply chain management, and renewable energy. This evolution reflects the company’s dedication to making a meaningful and lasting impact across multiple industries, driven by a powerful mission that now guides every aspect of its strategic direction and growth.
StartupTalky: How have WRMS’s solutions impacted farmers in India and internationally?
Mr. Kumbhat: WRMS’s solutions have had a profound impact on farmers both in India and internationally by equipping them with essential tools and financial safeguards to embrace smart and sustainable farming practices.
In India, WRMS’s SecuFarm platform has provided farm-level risk management and advisory services, enabling small and marginal farmers to protect their crops and make informed decisions that enhance productivity and resilience. This approach has ensured that farmers receive tailored guidance to navigate climate-related risks effectively.
Internationally, WRMS has partnered with organizations like UNCDF to create climate risk insurance products, including the Pacific region's first index-based microinsurance against cyclonic storms. These efforts have empowered thousands of smallholder farmers and communities, helping them secure their livelihoods and withstand the increasing challenges posed by climate change.
StartupTalky: How does WRMS, through its subsidiary Ingen Technologies, utilize data, technology, and financial innovation to enhance risk management across various sectors, including agriculture?
Mr. Kumbhat: WRMS leverages data, technology, and financial innovation to significantly enhance risk management not only for farmers but also across various other sectors. Through its subsidiary, Ingen Technologies, WRMS utilizes advanced IoT devices and cutting-edge sensor technology for hyper-local monitoring of environmental conditions, assessing exposure to natural catastrophes such as droughts, floods, and cyclones.
This precise, real-time data is instrumental in designing accurate weather index-based insurance products that provide stop-loss protection, ensuring automated claims payouts based on actual losses caused by natural hazards.
By combining this real-time monitoring with innovative financial solutions, WRMS effectively safeguards the incomes and investments of farmers while also extending this expertise to other industries, enabling efficient and sustainable risk management across diverse sectors.
StartupTalky: What emerging trends in climate risk management, particularly in relation to regulatory frameworks, AI integration, and stakeholder engagement, are of most interest to WRMS?
Mr. Kumbhat: WRMS is particularly interested in several emerging trends in climate risk management that are shaping the future. The evolving regulatory landscape, especially with the introduction of frameworks like the ISSB (International Sustainability Standards Board), is becoming increasingly significant. WRMS recognizes the importance of adapting to new climate disclosure requirements and navigating these changes effectively to maintain transparency and meet stakeholder expectations.
Additionally, there is a strong focus on building credibility with stakeholders by providing accurate and structured climate-related disclosures. As the maturity of climate disclosure practices continues to evolve, WRMS is committed to ensuring that data is measured and reported effectively to stay ahead of emerging requirements.
Another key area of interest for WRMS is the integration of AI and advanced technology in climate risk management. The automation of once manual tasks is revolutionizing the way teams operate, allowing for greater efficiency and more data-driven decision-making. This technological advancement enhances the precision and effectiveness of climate strategies, which is crucial for effective climate risk management.
Furthermore, WRMS is keenly focused on balancing climate risks with opportunities, understanding that this is essential for long-term survival and growth. The investors are particularly attuned to how these factors influence both decarbonization efforts and adaptation strategies, a critical area of interest for investors and stakeholders alike.
StartupTalky: Can you explain the role of the SecuRisk platform in WRMS’s services and how it addresses climate risks?
Mr. Kumbhat: The SecuRisk platform plays a pivotal role in WRMS’s services by addressing climate risks through advanced parametric insurance solutions. This platform is specifically designed to cater to industries that are highly vulnerable to the impacts of climate change, thereby broadening WRMS’s reach beyond its traditional focus on agriculture.
SecuRisk offers an extensive range of services that include the meticulous design of parametric insurance covers tailored to specific risks, effective reinsurance management, and the deployment of advanced IoT devices for hyper-local forecasting. These IoT devices gather precise, real-time data that informs risk assessment and enables the development of more accurate and responsive insurance products.
By integrating these cutting-edge technologies and expertise, the SecuRisk platform empowers WRMS to deliver bespoke risk management solutions that provide financial protection against the adverse effects of severe weather events. This protection is crucial for businesses across various sectors, allowing them to maintain stability and resilience in the face of increasing climate volatility.
Nitin Konde
StartupTalky: How does WRMS’s SecuRisk platform enhance productivity and promote sustainable farming practices for farmers?
Mr. Kumbhat: WRMS’s SecuRisk platform supports farmers in improving productivity and practicing sustainable farming by providing advanced parametric insurance solutions that protect against climate-related risks. Utilizing hyper-local monitoring with IoT devices and satellite technology, SecuRisk offers precise risk assessments and automated payouts in the event of adverse weather, ensuring farmers' financial stability.
Additionally, the platform integrates smart farming practices by offering access to high-quality agricultural inputs and real-time advisory services, encouraging sustainable farming methods. SecuRisk also connects farmers with better market opportunities, helping them increase their income while promoting long-term resilience and productivity.
StartupTalky: What challenges have you encountered in developing agricultural and dairy risk management solutions, and how have you addressed them?
Mr. Kumbhat: In developing agricultural risk management solutions, we have encountered challenges such as accurately assessing risks across diverse climatic conditions, limited access to reliable data in remote areas, and resistance to adopting new technologies. Additionally, many farmers lack awareness about the benefits of risk management solutions, which can hinder their adoption.
To address these challenges, we’ve leveraged advanced technologies like IoT devices and satellite data to gather precise, real-time information, even in hard-to-reach areas. This data allows us to tailor our solutions to the specific needs of different agricultural regions. We’ve also prioritized education and outreach efforts, working closely with farmers to demonstrate the value of these technologies and encourage their adoption.
Moreover, increasing awareness and acceptance of these risk management tools within the dairy industry has been crucial, as many companies initially hesitate to adopt new technologies due to a lack of understanding of their benefits.
To address this, we have focused on building strong partnerships with dairy companies, offering comprehensive training and support to demonstrate how these solutions can enhance operational efficiency, mitigate risks like theft and supply chain interruptions, and ultimately lead to more sustainable business practices.
Through these efforts, we’ve successfully helped dairy companies integrate advanced risk management strategies into their operations, ensuring greater resilience in the face of industry challenges
StartupTalky: How have investments and grants from organisations like SIDBI, UPL, ILO, and the Ford Foundation influenced WRMS’s growth and development?
Mr. Kumbhat: These contributions have enabled WRMS to develop and implement advanced solutions that integrate data, technology, and financial innovation. Specifically, the backing from SIDBI and UPL has facilitated the expansion of our climate risk management tools, allowing us to refine our technology and broaden our service scope.
The ILO's support has been instrumental in fostering our capacity to address climate-related challenges in agriculture and other sectors, while the Ford Foundation's investment has bolstered our ability to implement sustainable and impactful solutions on a global scale.
Overall, this support has been crucial in advancing our mission to tackle complex climate issues, enhancing our ability to deliver effective, data-driven, and financially innovative solutions that address the diverse needs of our stakeholders.
StartupTalky: How did your experience in finance and insurance influence your approach to establishing WRMS? (this is specific to Anuj Kumbhat)
Mr. Kumbhat: My experience in finance and insurance, particularly during my time working for a globally renowned insurer, played a pivotal role in shaping the approach to establishing WRMS. During my career, I gained a deep understanding of risk management and data-driven decision-making, especially while developing index insurance products.
This hands-on experience not only highlighted the potential of innovative insurance solutions to address complex challenges, but it also revealed significant gaps, particularly in climate risk management for vulnerable communities and sectors like agriculture, where traditional insurance products often fell short.
This realization inspired me to co-create WRMS, with a focus on leveraging advanced technologies and financial innovations to develop more effective and accessible risk management solutions. The principles I learned—such as risk assessment, mitigation, and the importance of building trust through reliable and transparent products—are deeply embedded in WRMS’s operations.
This foundation has driven the company’s mission to not only provide protection against climate-related risks but also to empower communities and industries to thrive despite these challenges.
StartupTalky: How does INGEN Technologies complement WRMS’s mission and contribute to your overall strategy?
Mr. Kumbhat: INGEN Technologies plays a crucial role in complementing WRMS’s mission by enhancing our capabilities in comprehensive climate risk management. By integrating cutting-edge technology with expert knowledge, INGEN Technologies provides the technological foundation that drives our overall strategy.
Our collaboration allows us to offer an extensive range of services, including high-resolution climate outlooks, long-term climate change vulnerability assessments, and advanced risk modeling. These services are powered by state-of-the-art IoT devices, machine learning capabilities, and precise data from weather station networks.
Additionally, INGEN Technologies brings together a dedicated team of experts in remote sensing, data analysis, and ground-level operations, ensuring that we collect and analyze the most accurate and relevant data. This expertise is particularly valuable in creating tailored solutions for industries such as finance, insurance, and agriculture.
By combining technological advancements with deep industry knowledge, INGEN Technologies significantly enhances WRMS’s ability to deliver holistic and effective climate risk management solutions across multiple sectors, thereby advancing our shared mission of building resilience against climate-related challenges.
StartupTalky: What advice do you have for entrepreneurs looking to enter the agriculture and climate risk management sectors?
Mr. Kumbhat: For entrepreneurs entering the agriculture and climate risk management sectors, it's essential to prioritize technology-driven solutions that are agile and adaptable to change. Building strong partnerships with key stakeholders, including financial institutions, government bodies, and industry leaders, will be critical to your success.
Embrace a mindset of continuous improvement, always looking for ways to enhance your offerings and stay ahead of industry trends. Additionally, focus on community development by creating solutions that not only address immediate challenges but also contribute to long-term sustainability and resilience.
Lastly, while it's important to consider your business goals, ensure that your work also delivers real value to the communities and industries you serve, balancing self-interest with broader impact.
Subham Kumar
Must have tools for startups - Recommended by StartupTalky
- Convert Visitors into Leads- SeizeLead
- Manage your business smoothly- Google Workspace
- International Money transfer- XE Money Transfer
