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InsurFarm SIGNED

Oko's mobile-centric micro insurance protecting small farmers in developing countries from climate risks

Total Cost €

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EC-Contrib. €

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Partnership

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 InsurFarm project word cloud

Explore the words cloud of the InsurFarm project. It provides you a very rough idea of what is the project "InsurFarm" about.

2050    subscribe    farming    service    creates    markets    ubiquity    economic    solution    conduct    worth    60    losing    accessible    globally    launch    financial    phones    mali    secures    80    banked    adverse    satellite    crop    pan    insurfarm    automatically    farms    engage    global    market    operator    bank    rural    operators    critical    source    phone    insure    feasibility    operations    poverty    weather    followed    smallholder    create    technologies    contracts    pilots    oko    successful    desperately    validate    income    risk    people    insurance    african    grow    locked    tools    invest    un    innovations    countries    automated    compensates    commercial    affordable    leverages    companies    loans    data    food    farmers    deprived    opportunity    basic    illiterate    billion    sustainability    pay    expose    sms    plan    mobile    payment    agriculture    prediction    located    fast    models    harvest    valuable    offers   

Project "InsurFarm" data sheet

The following table provides information about the project.

Coordinator
OKO FINANCE LTD 

Organization address
address: 91 NORDAU BOULEVARD
city: TEL AVIV
postcode: 6249601
website: n.a.

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Israel [IL]
 Project website http://www.oko.finance
 Total cost 71˙429 €
 EC max contribution 50˙000 € (70%)
 Programme 1. H2020-EU.3. (PRIORITY 'Societal challenges)
2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs)
3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies)
 Code Call H2020-SMEInst-2018-2020-1
 Funding Scheme SME-1
 Starting year 2019
 Duration (year-month-day) from 2019-02-01   to  2019-07-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    OKO FINANCE LTD IL (TEL AVIV) coordinator 50˙000.00

Map

 Project objective

Agriculture is a source of income for 2 billion people globally who grow the food we desperately need – 60% more food will be needed by 2050. Of these, smallholder farmers provide 80% of the food in developing countries, and their sustainability is critical. These farmers are at ever increasing risk of losing their harvest due to adverse weather. Yet, due to this risk, most farmers are deprived from basic financial tools to insure their farms and have no access to loans needed to invest or adopt new technologies. They are locked in poverty. Crop insurance is a solution that effectively secures farming income, but it is not accessible to them, as most are un-banked and illiterate. OKO’s InsurFarm solution offers these farmers with an accessible, affordable and fully automated insurance solution. OKO leverages the ubiquity of mobile phones and mobile payment, and the availability of satellite and weather data to create a new kind of insurance product. Using weather prediction and automated contracts, InsurFarm’s unique insurance automatically compensates farmers located in areas affected by adverse weather. Farmers subscribe to this insurance via SMS and pay using any kind of mobile phone, no bank needed. The innovations brought by OKO are highly valuable for insurance companies as OKO creates a new market for them, estimated to be worth € 7.5 billion globally. It also represents a unique opportunity for OKO’s mobile operator partners to offer a new “mobile financial service” to rural users. After successful pilots in Mali, OKO seeks funding to conduct a feasibility study for a pan-African followed by a global commercial launch. During this project, it will conduct market and economic studies, engage with insurance companies and mobile operators, expose InsurFarm to farmers, validate its models and define an adaptation plan to allow global operations. This will lead to a plan to achieve strong growth and fast access to markets.

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The information about "INSURFARM" are provided by the European Opendata Portal: CORDIS opendata.

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