The agricultural sector is characterized by volatile growth and high risks associated with the prospects of crop failure, pest attacks and climate change, among others. Effective agricultural insurance products can help mitigate such risks and absorb related shocks.
The World Bank, through the Global Index Insurance Facility (GIIF) is supporting farmers and micro-entrepreneurs gain better access to finance and manage financial losses arising from frequent and severe weather events. GIIF aims to develop sustainable markets for index based insurance in the agricultural sector. However, the potential of agricultural insurance is restricted by challenges faced throughout the product lifecycle from product design to sales and distribution, premium collection, servicing and claims
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 Insurance Facility (GIIF) is organizing an agriculture Insuretech innovation challenge/competition as a part of an Insuretech fair, to be hosted at the Agriculture Insuretech Forum in Mumbai, India on July 9th, 2019. Through this Forum, 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.