Introducing Israeli Microinsurance Player OKO
Think: a Tel-Aviv-based insurance startup, established in 2017 and led by Simon Schwall, to provide smallholder farmers with tools to protect their crop. Its product is a weather-based index insurance that uses satellite technologies for risk-assessment, claim verification and mobile payments (in one word – parametric).
Two Use Cases. One. In Mali, an operator wanted to launch a crop insurance product for its Mobile Money platform. OKO stepped in to design a new customer journey, and develop the UI. The pilot reached 450 farmers who purchased the coverage in just 3 weeks. Two. In Fiji, OKO designed a solution that allowed sugar farmers to be protected for a low cost, using ultra-localized weather monitoring and automated claim payment.
File under ‘innovation in microinsurance’. Did You Know? A microinsurance claim totals, on average, $10-20 per season, per farmer.