Allianz renews its partnership with OKO to bring climate insurance to small and large African farms
Abidjan, the 14th of May 2023
In a move that resembles a vote of confidence for the start-up, Allianz Africa renewed its multi-year partnership with OKO. Allianz and OKO initially signed an agreement in 2019 to test OKO’s concept in Mali. OKO offered an affordable and automated climate insurance accessible for the first time via mobile phone to smallholder farmers. 4 years later it is the most popular crop insurance in Mali. OKO uses parametric insurance technology, meaning that insurance claims are automatically validated and paid if satellite data shows that the weather conditions were very detrimental to the agricultural activity. It covers events such as droughts and floods.
As previously, the collaboration consists in OKO bringing its data-science expertise and its mobile distribution technology, while Allianz will assist in underwriting and re-insuring the crop insurance products. This new version of the partnership is meant to prepare for geographical expansion to new countries in the continent, and to strengthen the link between the two organizations. In fact, OKO already expanded to Uganda (with Jubilee-Allianz) and Ivory Coast (with Allianz Côte d’Ivoire). OKO and Allianz also won together the Ambitious Insurer award at the 2023 InsurTech Insight conference.
Allianz receiving the Ambitious Insurer Awards in March 2023 in London for their joint project with OKO
OKO’s activities have also widened, and OKO now works with agro-industrial companies such as AB InBev, Olam and Touton. OKO’s insurance protects farmers from the consequences of droughts and floods, and therefore secures the supply chain for large buyers. OKO also demonstrated its ability to generate positive impact in financial inclusion and climate resilience for vulnerable populations, which helps large food, textile, or beverage companies to achieve their sustainability objectives.
OKO’s team visiting a Cocoa cooperative in Ivory Coast as part of their work for Touton, a major cocoa trader
Commenting this agreement, Allianz Africa’s CEO Delphine Traoré said: “In the past few years it has become clear that climate insurance is becoming a priority for small businesses, industries, and governments. At Allianz we are committed to be part of the solution and to build more resilient communities and economies. We found in OKO a reliable partner that accelerates our innovation in this field”
According to OKO’s CEO Simon Schwall “Our partnership with Allianz has been key to our success so far. It is giving us the capacity to work with large agricultural projects and increase our reach to most of Africa. We are looking forward to achieving our joint ambition to make agriculture more resilient to climate risks together with the largest agricultural players on the continent”.
OKO secures farmers’ income in emerging countries using automated insurance solutions. OKO is accessible to anyone with a phone, and claim payments are automated using satellite data and images. OKO graduated from the Techstars programme in 2018 and was listed in 2020 among the 50 most promising solutions for Financial Inclusion (Inclusive50) by Visa and MetLife foundation.
OKO is active in Mali, Ivory Coast and in Uganda, with plans to expand to many more markets in the coming years.
To learn more, go to https://www.oko.finance or follow OKO on LinkedIn, Twitter, YouTube and Facebook.
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About Allianz in Africa:
Allianz has over a century of history in Africa, where it has built and is continually expanding its footprint. The Group continues to gain leadership in key markets across the continent. Allianz is currently present in 14 countries and accompanies clients in 49 markets across the continent. At the regional level, the Group generated a Gross Written Premium of 732 million euros in 2021 (excluding AGCS). For further information, please visit us at www.allianz-africa.com.