This startup has developed a global risk-sharing platform that utilizes earth observation and blockchain technology to provide automated weather index microinsurance for farmers and breeders. By addressing the uninsurability of agricultural stakeholders, the platform enhances resilience, reduces poverty, and improves food security through cost-efficient insurance solutions.
Funding
$4.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
ARFounders
Product
Problem
Farmers and breeders face significant financial risks due to extreme weather events, leading to potential losses in income and hindering their ability to secure loans or invest in sustainable practices. Traditional insurance models are often inaccessible or unaffordable for these stakeholders, leaving them vulnerable to climate-related disasters. The lack of adequate insurance coverage exacerbates poverty and threatens food security in regions heavily reliant on agriculture.
Solution
IBISA provides a global risk-sharing platform that leverages earth observation data and blockchain technology to deliver automated weather index microinsurance. The platform offers cost-effective insurance solutions that enhance the financial resilience of agricultural stakeholders by addressing the challenges of uninsurability. By using satellite data to monitor weather patterns and trigger payouts, IBISA eliminates the need for manual claim filing and ensures faster compensation for losses due to events like excess rainfall, drought, cyclones, and extreme temperatures. This approach enables timely financial support, reduces poverty, and promotes sustainable agricultural practices.
Target Audience
IBISA targets agricultural stakeholders, including farmers, breeders, AgriTech companies, food and beverage companies, input companies, insurance and reinsurance companies, government and development agencies, and financial institutions.
Features
- Index-based insurance solutions triggered by weather events monitored via satellite data
- Automated claim payouts within 10 days of a qualifying weather event
- Custom onboarding applications and API integration for policyholder management
- Policy management system for streamlined policy operation and claim handling
- Multi-level platform access for increased transparency
- Risk modeling tools and dashboards for explaining insurance products
- Parametric insurance design covering excess rainfall, lack of rainfall, cyclones, and extreme temperatures
- Flexible boarding dates and coverage duration options