OKO Take Home the Insurtech Insights Europe Ambitious Insurer Award
In July 2022, OKO and Allianz started a partnership in Ivory Coast, with the support of the cocoa trading company Touton. OKO brought its crop insurance distribution technology to help the millions of cocoa farmers in Ivory Coast who survive on an average of just $0.78 a day.
Over the course of 6 months, OKO and Allianz conducted 2 pilots in 2 different areas, and brought insurance to 1,500 farmers. Using a soil moisture index developed by AllianzRe, OKO was able to identify if a plantation was in dire situation that would impact its yield.
To make sure that this product was available to all farmers, OKO conducted awareness campaign with a team of representatives on the field, and connected with Mobile Money wallets (MTN and Orange) to help farmers pay the registration fee at their own pace.
This innovative approach was rewarded on the 1st of March 2023 at the InsurTech Insight conference in London, a major event in the insurance industry. More than 150 applications were submitted by different insurers, but it is that partnership with OKO that brought the award to Allianz.
Marcel Shäheli, representing the partnership, summarised the positive impact of this project on stage: "Instead of having to sell their assets, borrow money, or take their kids out of school to contribute to the household income, farmers now receive financial assistance to support them through challenging climate conditions.”
Going forward, OKO and Allianz will continue this partnership to bring a very much needed safety nets to more farmers in Ivory Coast. And more agro-industries are partnering with OKO to sure the livelihood of smallholder farmers supplying them. Stay tuned for more updates in the coming months!
Link to the official announcement: https://www.insurtechinsights.com/allianz-re-and-oko-take-home-the-insurtech-insights-europe-ambitious-insurer-award/