March 2nd, 2023, London: Insurtech Insights is proud to announce that Allianz Re and partner OKO are the winners of the inaugural European Ambitious Insurer Awards in partnership with Global digital insurance platform provider EIS.
The partnership saw off stiff competition to secure the win for its innovative weather-index insurance product that protects smallholder cocoa farmers in the Côte d’Ivoire from drought and other perils. The awards attracted over 150 submissions from the EU’s leading insurers and technology providers.
Celebrating the success of ambitious insurers pushing the boundaries to create solutions that are shaping the future of insurance, the Ambitious Insurer Awards was launched by Insurtech Insights and EIS to highlight insurers are innovating and disrupting the industry. This includes recognising the talented teams working hard behind the scenes to push the industry forward and bring these innovations to life.
Allianz Re and OKO’s winning initiative leverages technology and data in novel ways to ensure it meets the needs of Côte d’Ivoire’s rural farming communities. This includes remote sensing supported by satellite data that monitors elements like soil moisture and evapotranspiration. In addition, OKO uses novel data science to design index insurance products that are improved every year through fine-tuning. The products also leverage mobile money, making them accessible to all farmers remotely and digitally.
Helping farming communities through empowerment
Long term, the product will contribute to modernising cocoa plantations, generating more opportunities for work and revenue generation. This is because insured farmers find it easier to borrow money, thereby increasing their buying power and productivity.
Commenting on the win, Marcel Stäheli, Senior Underwriter Agriculture, Allianz Re said: “We are extremely proud of our work with the Côte d’Ivoire farming community, and it means so much for us to be recognised with this award. By preventing financial distress, our product brings a much-needed financial safety net to a vulnerable farming population that includes most of the Ivorian people.”
“Instead of having to sell their assets, borrow money, or take their kids out of school to contribute to the household income, farmers now receive financial assistance to support them through challenging climate conditions.”
Kristoffer Lundberg, CEO at Insurtech Insights said of the initiative: “It’s an area often overlooked when it comes to specific Insurer initiatives and internal workforce/operations, and the value that these can bring to everyday life. We wanted to provide a platform that not only recognises these Ambitious Insurer initiatives, but also the teams and individuals behind them. This initiative will continue to be a huge part of Insurtech Insights, and we can’t wait to continue to hear and showcase initiatives that may sometimes fly under the radar!”
Rory Yates, SVP for Global Strategy, EIS, who helped devise the awards, said: “The story of Côte d’Ivoire’s cocoa farmers spoke to us all about the true nature of insurance and we are passionate about it. This industry is about helping people, businesses and society do more, live better lives, and without fearing at least the associated financial risks. In the case of these farmers, who on average farm less than a hectare of land, this collaborative, innovative heartwarming story inspired us all and is a much-deserved winner.”
Join us in New York
On the 7th and 8th of June, 2023, Insurtech Insights will host the US’ fastest growing and most exciting Insurtech event in the heart of New York City at the Javits Centre. With 6,000+ industry leaders gathering to share insights, network and gather inspiration, once again, we’re looking for you, our most exciting Insurers to come forward and tell us about your most innovative initiatives!
You can submit applications early here.
You can also check out how EIS are helping Ambitious Insurers to innovate with ease here.
Congratulations again to Allianz Re and OKO, and we will see you in NY to celebrate our next winner of this highly coveted award!