Regional insurtech agency Igloo has joined forces with Aurora Mobility Options (AMS) and telecoms firm Mobifone to develop its Climate Index Insurance coverage protection to a broader community of Vietnamese farmers.

Igloo supplies an enhanced Climate Index Insurance coverage bundle, encompassing all vegetation and crops, benefiting farmers throughout Vietnam. The insurance coverage product, initially launched in 18 provinces and cities, incorporates information from over 2,000 rain stations and 650 hydrometeorological stations, providing enhanced safety towards uncommon climate occasions.

Utilising superior expertise, Igloo’s Climate Index Insurance coverage employs massive information, real-time threat evaluation, and automatic claims administration. This blockchain-based resolution makes use of sensible contracts to streamline claims processing. Since its Vietnam launch final November, the product has advanced from a seasonal, crop-specific plan to a month-to-month, complete plan overlaying all vegetation and crops.

The collaboration integrates Climate Index Insurance coverage with Mobifone’s agricultural app, MobiAgri, which utilises massive information, AI, blockchain, AR, and VR to supply options for agricultural improvement and digital farming. MobiFone customers can entry the insurance coverage and extra advantages via MobiAgri for a each day charge, with a considerable compensation restrict for insurance coverage claims.

Igloo prolonged the Climate Index to over 50,000 hectares of crops and serviced claims for over 1,500 farmers in Vietnam in 2023.

The insurtech plans additional collaborations and expansions because it goals to increase its attain and diversify crop protection.

Raunak Mehta

Raunak Mehta, Co-Founder and CEO, Igloo stated,

“The partnership with AMS to supply Rainfall Climate Index Insurance coverage merchandise for MobiFone subscribers represents a pivotal milestone in our strategic enlargement of Climate Index Insurance coverage in Vietnam.

Leveraging Mobifone’s in depth database and expansive community, coupled with AMS’s proficiency in offering digital content material providers and Igloo’s experience in insurtech, this partnership goals to make sure elevated safety for Vietnamese farmers towards unpredictable climate circumstances.”

Featured picture credit score: Edited from Unsplash