Allianz Africa has partnered with OKO, a mobile-based provider of crop insurance for smallholder farmers in Africa.
The partnership will help OKO enter into new markets and support more farmers become resilient to climate risks, the company claims.
In working together, Allianz and OKO will design index-insurance products which automatically compensate farmers when they face adverse weather. OKO will leverage its data-science expertise and mobile distribution technology, while Allianz will support in underwriting and re-insuring the crop insurance products.
OKO leverages satellite imagery and weather forecasting to simplify and automate the claim management process. Its policies are underwritten by local insurance companies. In addition to insurance, OKO supplies farmers with weather alerts, farming tips and access to micro-credit, to support their daily needs.
Allianz Africa head of micro-insurance Neeraj Maheshwari said, “Allianz is constantly looking for propositions specially designed to improve the lives of people in our emerging consumers segment. We believe that OKO has the potential to increase insurance penetration in rural areas, which are traditionally under-served and thereby unlock an enormous market.”
Allianz has been making a number of partnerships with InsurTechs this year. Its France-based division signed a deal with HobbiSure to provide cover to sports and leisure activities. The mobile-based solution offers fixed cover for accident or injury on various activities, starting at €2.95 a day.
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