WorldCover provides satellite-enabled insurance to protect farmers from drought-related losses, utilizing mobile money for seamless transactions. This service addresses the financial risks associated with climate variability, ensuring farmers can maintain their livelihoods despite adverse weather conditions.
Funding
$6.1M 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.
EPPAFounders
Product
Problem
Farmers in developing countries face significant financial risks due to drought, which can devastate crops and livelihoods. Traditional insurance is often inaccessible or unaffordable for these farmers, leaving them vulnerable to climate-related losses.
Solution
WorldCover provides parametric insurance to protect farmers from drought using satellite data and mobile money. By monitoring rainfall patterns via satellite, WorldCover automatically triggers payouts to farmers when drought conditions reach a predefined threshold, eliminating the need for field visits and claims adjusters. Farmers receive timely compensation directly through their mobile phones, enabling them to recover from losses and reinvest in their farms. This approach offers a transparent, efficient, and scalable solution for managing climate risk in agriculture.
Target Audience
The primary target audience is smallholder farmers in developing countries who are vulnerable to drought and lack access to traditional insurance products.
Features
- Satellite-based rainfall monitoring for objective drought assessment
- Automated payout triggers based on predefined rainfall thresholds
- Mobile money integration for fast and direct payments to farmers
- Transparent and verifiable insurance contracts
- Scalable platform for reaching large numbers of farmers in remote areas