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HomePosts Tagged "Agri-Insurtech startup IBISA"
Agribusiness, Agrotech, Company News, Dairy

IBISA anticipates expanding its reach in the coming months through collaborations with multiple milk unions and key partners within the dairy value chain.

 IBISA, a leading Insurtech pioneer headquartered in Luxembourg, announced the launch of its latest innovation – the Heat Stress Solution. This groundbreaking advancement in climate-risk insurance underscores IBISA’s commitment to addressing critical challenges faced by the dairy industry.

In response to the significant decline in milk yield, estimated at 30-35% during severe heat waves, IBISA’s Heat Stress Solution utilizes advanced climate metrics and satellite technology to provide vital protection for dairy farmers. By offering compensation for revenue losses incurred due to heat stress, this unique solution serves as a lifeline for dairy farmers across India.

Since its introduction in 2024, the Heat Stress Solution has already safeguarded over 100,000 livestock within a mere fortnight, spanning 14 districts in Kerala. Notable beneficiaries include farmers associated with the Trivandrum, Malabar, and Ernakulam Regional Co-operative Milk Producers’ Unions (TRCMPU, MRCMPU, and ERCMPU respectively).

Furthermore, the product is currently operational in select districts of Maharashtra, Uttar Pradesh, Madhya Pradesh, Rajasthan, and Gujarat. IBISA anticipates expanding its reach in the coming months through collaborations with multiple milk unions and key partners within the dairy value chain. Strategic partnerships with Dehaat, a leading Agritech firm, and Behtar Zindagi, an online agri marketplace platform provider, further enhance the product’s accessibility and impact.

IBISA’s expertise in developing, distributing, and overseeing effective climate insurance solutions is unparalleled. As an Insurtech firm, IBISA collaborates with local insurers, providing comprehensive support in insurance risk modelling, design, assessment, and technological infrastructure, ultimately enabling insurers to underwrite and deliver tailored insurance products efficiently.

“Identifying and addressing a critical necessity, we’ve brought to the fore an insurance model that is not just accessible but also comprehensible to our clients,” remarks Balachandran MK, IBISA’s Head of Growth for Asia. “The surge in our solution’s adoption is a clear indicator of the heightened awareness and demand for such protective measures amidst climatic adversities.”

Recognising the impact of climate change on various sectors, IBISA is committed to addressing insurance gaps in the poultry industry as well. Through strategic collaborations and grassroots awareness initiatives, IBISA aims to redefine India’s agri-insurance landscape, empowering farmers and enterprises to navigate climate uncertainties effectively.

As pioneers in climate focused Insurtech, IBISA’s approach emphasizes innovative tech applications and simplicity, fostering sustainability and agricultural security for the future.

IBISA anticipates expanding its reach in the

Finance, India, Start ups

IBISA is scaling its operations in India with operations in Odisha, Karnataka, Telangana for coverage against excess rainfall, excess wind speed and drought.

 Agri insurtech startup IBISA announced that Ankur Capital, an India-based leading early-stage venture capital fund focused on transformative technologies in deeptech and climate tech has joined its seed round. Luxembourg-based Insurtech startup IBISA is on a mission to empower the Agri value chain players with innovative weather protection insurance solutions.

The company is also in talks with a number of large lenders, food processors, and Agritech clients across different geographies to mitigate their credit risk against default, reduce their supply chain risks and increase their sustainability practices in agriculture and strengthen farmer connection with smallholder farmers in India and abroad.

Founded in 2019, IBISA started its operations in India with the DHAN Foundation to provide parametric insurance against drought coverage in Tamil Nadu. Fast forward to now, IBISA is scaling its operations in India with operations in Odisha, Karnataka, Telangana for coverage against excess rainfall, excess wind speed and drought. They have also opened a registered office in Feb 2022 in Bengaluru.

Speaking on the investment, Ritu Verma, Partner at Ankur Capital mentioned, “The unavailability of data has hampered the growth of the agricultural insurance industry in developing countries for decades. Legacy crop insurance involved long manual processes making them impractical for developing markets where smallholder farming is the norm, and parametric insurance has historically been unviable due to the lack of detailed climate-related datasets. We are excited to partner with IBISA to transform the scale of available parametric insurance options in countries like India with a vast addressable market.”

“Farming is an integral part of both our societal and economic infrastructure. The impact that the war in Ukraine is having on food prices and food security seriously underscores the importance of global agriculture. And yet the support isn’t there. With IBISA, we sought to create technology that would help reduce costs for the active players in the insurance space. Finding a way to responsibly protect farmers in the event of extreme weather, by slashing distribution and operating costs, making it affordable to many groups in the value chain.” said Maria Mateo Iborra, CEO & Co-founder, IBISA.

Apart from India, IBISA has its operations in New Zealand, Guatemala, Senegal, Philippines, and other African countries. With strong insurance and reinsurance partnerships across different geographies and tailor-made products for lack of rain, excess rainfall, extreme temperatures, excess wind speed and cyclones, IBISA is able to address the needs of various Agri value chain players.

IBISA is scaling its operations in India