Project description DEENESFRITPL Micro insurance protecting small farms Smallholder farmers provide about 80 % of the food in developing countries. Sustainability is therefore a critical factor here. Still, wide-ranging climate risks continue to imperil their harvests. Crop insurance offers a solution but many farmers remain locked in poverty, unable to access such options. OKO’s InsurFarm solution provide farmers with an alternative affordable and fully automated insurance solution. Using weather prediction and automated contracts, InsurFarm’s unique insurance automatically compensates farmers located in areas struck by foul weather conditions. Farmers subscribe to this insurance via SMS and pay using any kind of mobile phone, with no bank regulators or intervention required. Show the project objective Hide the project objective Objective Agriculture is a source of income for 2 billion people globally who grow the food we desperately need – 60% more food will be needed by 2050. Of these, smallholder farmers provide 80% of the food in developing countries, and their sustainability is critical. These farmers are at ever increasing risk of losing their harvest due to adverse weather. Yet, due to this risk, most farmers are deprived from basic financial tools to insure their farms and have no access to loans needed to invest or adopt new technologies. They are locked in poverty. Crop insurance is a solution that effectively secures farming income, but it is not accessible to them, as most are un-banked and illiterate. OKO’s InsurFarm solution offers these farmers with an accessible, affordable and fully automated insurance solution. OKO leverages the ubiquity of mobile phones and mobile payment, and the availability of satellite and weather data to create a new kind of insurance product. Using weather prediction and automated contracts, InsurFarm’s unique insurance automatically compensates farmers located in areas affected by adverse weather. Farmers subscribe to this insurance via SMS and pay using any kind of mobile phone, no bank needed. The innovations brought by OKO are highly valuable for insurance companies as OKO creates a new market for them, estimated to be worth € 7.5 billion globally. It also represents a unique opportunity for OKO’s mobile operator partners to offer a new “mobile financial service” to rural users. After successful pilots in Mali, OKO seeks funding to conduct a feasibility study for a pan-African followed by a global commercial launch. During this project, it will conduct market and economic studies, engage with insurance companies and mobile operators, expose InsurFarm to farmers, validate its models and define an adaptation plan to allow global operations. This will lead to a plan to achieve strong growth and fast access to markets. Fields of science natural sciencesearth and related environmental sciencesatmospheric sciencesmeteorologyengineering and technologymechanical engineeringvehicle engineeringaerospace engineeringsatellite technologysocial scienceseconomics and businessbusiness and managementbusiness modelsengineering and technologyelectrical engineering, electronic engineering, information engineeringinformation engineeringtelecommunicationsmobile phonesagricultural sciencesagriculture, forestry, and fisheriesagriculture Programme(s) H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs Main Programme H2020-EU.3. - PRIORITY 'Societal challenges H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies Topic(s) EIC-SMEInst-2018-2020 - SME instrument Call for proposal H2020-EIC-SMEInst-2018-2020 See other projects for this call Sub call H2020-SMEInst-2018-2020-1 Funding Scheme SME-1 - SME instrument phase 1 Coordinator OKO FINANCE LTD Net EU contribution € 50 000,00 Address 91 nordau boulevard 6249601 Tel aviv Israel See on map SME The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed. Yes Activity type Private for-profit entities (excluding Higher or Secondary Education Establishments) Links Contact the organisation Opens in new window Participation in EU R&I programmes Opens in new window HORIZON collaboration network Opens in new window Total cost € 71 429,00