South Asia

You are here

GramCover: Exploring and Refining Blockchain Application in Insurance to Better Serve Farmers.

GIIF organized an agriculture Insuretech innovation challenge /competition as a part of an Insuretech fair, hosted in Mumbai, India in July 2019. Through this innovation fair, the GIIF aims at improving the understanding of Insuretech, supporting the integration of different technology solutions with agriculture insurance, and applying innovation with actual programs on the ground. The Awards recognized some of South and South-East Asia and Pacific's most promising entrepreneurs who are using technology to address challenges in providing agricultural insurance to farmers. The awards were...
29
Apr
The AAIB, Sri Lanka’s national agricultural insurer, partnered with the International Finance Corporation (IFC) to modernize agricultural insurance provision in the country. Kasundari, the Team Lead for the project, joined us to share their experience in digitizing agricultural information as part of this project. Background Imagine having to walk through a paddy tract consisting of hundreds of small fields in a rural area, sometimes without proper roads, seeking to identify a particular paddy of land. The mission is to verify an insurance claim in that field. For insurers offering...
July 9, 2019; Mumbai (INDIA): The Global Index Insurance Facility (GIIF) and Sankalp Forum by Intellecap, announced the winners of Agriculture Insuretech Innovation Challenge at the Agri Insuretech Forum that took place at the Taj Mahal Hotel in Mumbai today. Of the world’s 500 million smallholder farmers, around 400 million are in Asia. The region is home to some of the world’s most climate-exposed territories and has been disproportionately hit by the effects of climate change, and farmers are suffering from crop failures that can threaten their economic livelihood. The Global Index...
The Global Index Insurance Facility conducted video interviews with donors, guest speakers, and participants at the GIIF Agriculture Insuretech Forum 2019 in Mumbai, India. All videos are listed here .
The linkage between agriculture and climate change is undeniable. Any change in the climate has significant effects on crop yields and livestock, which intensifies the agriculture sector’s vulnerability to weather and disaster risks. More frequent extreme weather events and natural disasters distress the poor and the vulnerable most heavily and, as a result, agricultural and index-based insurance products have increasingly been regarded as significant tools for smallholder farmers to protect themselves from financial losses. As we know, insurance normally provides valuable access to credit...
The linkage between agriculture and climate change is undeniable. Any change in the climate has significant effects on crop yields and livestock, which intensifies the agriculture sector’s vulnerability to weather and disaster risks. More frequent extreme weather events and natural disasters distress the poor and the vulnerable most heavily and, as a result, agricultural and index-based insurance products have increasingly been regarded as significant tools for smallholder farmers to protect themselves from financial losses. As we know, insurance normally provides valuable access to credit...
8
Jul
The potential of agriculture and insurance is greatly restricted by many challenges faced throughout the product lifecycle - from product design to client delivery to claim processing. Insuretech, at the intersection of insurance and technology, holds the potential to overcome those challenges and transform the insurance landscape. Integrating Insuretech innovations with agriculture insurance promises to enhance product design, improve sales and distribution, facilitate premium collection, and optimize servicing and claims processing. To leverage innovative solutions, the Global Index...
The high transaction costs of serving low-income clients in developing and emerging market economies demand innovative approaches and technological advancements. Challenges that inflate operational costs include data collection, processing and management, premium payment mechanisms as well as claims verification and settlement. Index insurance products, mobile payment devices or more accurate weather and agricultural-yield information based on satellite data are examples of innovative approaches that can help to overcome these challenges.
The high transaction costs of serving low-income clients in developing and emerging market economies demand innovative approaches and technological advancements. Challenges that inflate operational costs include data collection, processing and management, premium payment mechanisms as well as claims verification and settlement. Index insurance products, mobile payment devices or more accurate weather and agricultural-yield information based on satellite data are examples of innovative approaches that can help to overcome these challenges
The core objective is to strengthen insurance services that support the risk management needs of rural households.
7