OKO leverages satellite data to evaluate agricultural risks and create customized insurance products for farmers in emerging markets. This approach provides accessible risk management solutions, enabling farmers to safeguard their livelihoods against climate-related uncertainties.
Funding
$2.4M 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.
EEVIINFounders
Product
Problem
Farmers in Sub-Saharan Africa face significant financial instability due to unpredictable weather patterns and uncontrollable conditions that impact crop yields. Traditional insurance models are often inaccessible or unaffordable for these farmers, leaving them vulnerable to climate-related risks. This instability threatens their livelihoods and the security of agricultural supply chains.
Solution
OKO provides parametric climate insurance products tailored to specific crops and geographic regions in Sub-Saharan Africa. By leveraging satellite data and advanced weather providers, OKO evaluates agricultural risks and automates claim validation and payments. Their proprietary distribution tools, including mobile apps, web apps, APIs, and mobile payment integrations, ensure that insurance is accessible to farmers in frontier markets. This approach enables farmers, financial institutions, NGOs, and agro-industries to secure agricultural supply chains and improve livelihoods by mitigating the impact of unpredictable weather.
Target Audience
OKO's primary customers are farmers in Sub-Saharan Africa, as well as financial institutions, NGOs, and agro-industries that support or rely on these farmers.
Features
- Crop-specific insurance products tailored to geographic regions in Sub-Saharan Africa
- Parametric insurance model using satellite data and weather data for risk assessment
- Automated claim validation and payment processes
- Mobile apps, web apps, and APIs for insurance distribution in frontier markets
- Integration with mobile payment systems
- Policy management platform for tracking and updating insured farmers