OKO Crop Insurance
OKO Finance
Solution Overview & Benefits
OKO Finance delivers effective, affordable insurance to farmers in emerging markets with instant claim settlement. They leverage the growing influence of mobile technology, aiming to address income distribution insufficiencies for those who feed the world.
OKO’s insurance offers immediate financial support to farmers facing adverse weather, helping them repay loans, sustain their livelihoods, and prepare for the next season.
- Parametric Insurance: Utilizes satellite data to monitor weather conditions, enabling automatic claim validation and swift payouts when adverse events like droughts or floods occur.
- Mobile Accessibility: Accessible via basic mobile phones through USSD codes, eliminating the need for smartphones or internet connectivity.
- Financial Inclusion: Empowers unbanked farmers by facilitating premium payments and claim disbursements through mobile money platforms.
- Risk Mitigation: Provides farmers with financial security, allowing them to invest confidently in their agricultural activities.
History & Development
Founded in 2018, OKO launched its services in Mali in 2019 and has since expanded to Uganda and Côte d’Ivoire. The platform has insured over 27,000 farmers and disbursed claims exceeding $480,000. OKO has formed strategic partnerships with organizations like Allianz and Orange to enhance its reach and impact.
Availability
- Mali: Offering coverage for crops such as maize, cotton, sorghum, peanut, millet, and sesame.
- Uganda: Providing insurance for maize, soy, coffee, potato, and generic crops.
- Côte d’Ivoire: Covering cocoa, coffee, cashew, coton, maize and rice
- Mozambique: Focusing on soy and tobacco.
- Senegal: Insuring maize and cotton.
- Togo: Offering policies for maize, sesame, soy, and rice.
OKO's expansion into these regions is facilitated through partnerships with local insurers, reinsurers like Allianz, and mobile network operators such as Orange, MTN, and Airtel. Their integration with mobile payment platforms ensures accessibility for unbanked farmers, allowing premium payments and claim disbursements via mobile money services. OKO Finance
For more detailed information on their products and services, you can visit their official website: OKO Finance.
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