Igloo Expands Weather Protection Insurance Coverage for Vietnamese Farmersby Fintech News Vietnam January 16, 2024
Regional insurtech firm Igloo has joined forces with Aurora Mobility Solutions (AMS) and telecoms company Mobifone to expand its Weather Index Insurance coverage to a broader network of Vietnamese farmers.
Igloo provides an enhanced Weather Index Insurance package, encompassing all plants and crops, benefiting farmers across Vietnam. The insurance product, initially launched in 18 provinces and cities, incorporates data from over 2,000 rain stations and 650 hydrometeorological stations, offering enhanced protection against unusual weather events.
Utilising advanced technology, Igloo’s Weather Index Insurance employs big data, real-time risk assessment, and automated claims management. This blockchain-based solution uses smart contracts to streamline claims processing. Since its Vietnam launch last November, the product has evolved from a seasonal, crop-specific plan to a monthly, comprehensive plan covering all plants and crops.
The collaboration integrates Weather Index Insurance with Mobifone’s agricultural app, MobiAgri, which utilises big data, AI, blockchain, AR, and VR to offer solutions for agricultural development and digital farming. MobiFone users can access the insurance and additional benefits through MobiAgri for a daily fee, with a substantial compensation limit for insurance claims.
Igloo extended the Weather Index to over 50,000 hectares of crops and serviced claims for over 1,500 farmers in Vietnam in 2023.
The insurtech plans further collaborations and expansions as it aims to extend its reach and diversify crop coverage.
Raunak Mehta, Co-Founder and CEO, Igloo said,
“The partnership with AMS to offer Rainfall Weather Index Insurance products for MobiFone subscribers represents a pivotal milestone in our strategic expansion of Weather Index Insurance in Vietnam.
Leveraging Mobifone’s extensive database and expansive network, coupled with AMS’s proficiency in providing digital content services and Igloo’s expertise in insurtech, this partnership aims to ensure increased protection for Vietnamese farmers against unpredictable weather conditions.”
Featured image credit: Edited from Unsplash