ICMIF member IBISA NETWORK is a global climate insurtech company that helps food and beverage, and agri and allied sector companies to increase the climate resilience and sustainability of their entire supply chain, through optimised climate risk management solutions and increased support to growers.
IBISA quantifies the impact of specific climate risks and builds tailor-made parametric insurance solutions to manage the risks. IBISA does this by applying proprietary satellite monitoring knowledge to agri-insurance, in close partnership with multiple stakeholders of the agri-ecosystem and leveraging blockchain.
Insurance products are developed with the help of a platform for Earth Observation Satellite data analysis, risks modelling and pricing. Policy distribution and management are tailored for use by microinsurance providers with easy-to-use and end-to-end digital. Loss assessment is achieved through a fully remote and automated solution.
IBISA has recently partnered with Godrej Group Maxximilk Pvt Ltd, a subsidiary of one of India’s largest agricultural conglomerates. Together, they aim to revolutionise the dairy sector with an innovative, new heat index product. This is the third partnership for IBISA with this product after it gained significant industry traction in its first two months.
Using advanced algorithms and state-of-the-art sensors, IBISA can accurately measure and monitor heat stress in cattle. If cows experience heat stress this can reduce milk production by up to 30%.
Together with Godrej Maxximilk Pvt Ltd teams IBISA is positively impacting the lives of dairy farmers and fostering the growth and sustainability of the agriculture industry in India.
This is what, Maria Mateo Iborra, CEO, IBISA NETWORK had to say about the partnership: “We know that rising temperatures lead to a loss of milk production in cattle and that affects the dairy farmers in the form of loss of income.
“Until now, dairy farmers had no insurance to mitigate this loss caused due to excess temperature. This loss of income was a non-recoverable loss.
“But, with IBISA’s heat index product, we intend to bring a change in the mindsets of dairy farmers that they do have a chance of securing that loss of income and they can get payouts in extreme high temperatures.”
IBISA has also partnered with Stellapps Technologies Private Limited, GramCover and HDFC ERGO General Insurance, Malabar Regional Co-operative Milk Producers’ Union Ltd (MRCPMU) and Agriculture Insurance Company (AIC) to help them extend this product to more dairy farmers and fill the protection gap in the dairy sector.
Maria further concluded saying: “by creating relevant and affordable insurance solutions, we can build a sustainable and resilient future for India’s farming communities.
“We hope that with the coming times, we’d be able to fill the protection gap in the dairy sector and scale this product across all geographies.”
