Zimbabwe - New microinsurance venture launched
Source: Middle East Insurance Review | Nov 2016
Blue Marble Microinsurance, a consortium of eight companies collaborating to innovate solutions that protect the underserved, has established its first venture in Zimbabwe with the aim of providing drought protection to smallholder maize farmers, said media reports.
The consortium consists of AIG, Aspen Insurance Holdings, Guy Carpenter & Company, Hamilton Insurance Group, Old Mutual, Transatlantic Reinsurance, XL Catlin and Zurich Insurance Group.
The Zimbabwe’s scheme has three key features, the reports added. Among others, the venture has designed a proprietary index to support the insurance product through a “collaborative innovation” of data scientists and agronomists from the consortium companies.
The insurance scheme will also use two-way mobile communication with customers to offer continuous improvement. In addition, it will use innovative point-sensor technology to measure rainfall and plant health throughout the growing season, which will complement traditional grid remote-sensing data to provide the best possible insurance cover.