Blue Marble Microinsurance, a consortium of eight companies established in 2015 with the aim of creating a market for microinsurance, is launching our first venture in Zimbabwe. While Blue Marble will initially pilot the venture in Zimbabwe to gain insights into how to make the insurance solution sustainable and impactful, we ultimately plan to scale the venture across Africa.
Blue Marble is providing drought protection to smallholder maize farmers in Zimbabwe. The venture has three key features. First, the design of a proprietary index to support the insurance product is a collaborative innovation of data scientists and agronomists from the eight consortium companies. The second feature is the use of two-way mobile communication with customers to improve the overall proposition continuously. Third, the use of innovative point-sensor technology to measure rainfall and plant health throughout the growing season will complement traditional grid remote-sensing data to create a higher-resolution parametric insurance cover.
I am delighted that Blue Marble’s eight consortium companies have come together to launch this promising venture in Africa. By working together, we will bring insurance protection to the underserved in Zimbabwe, a region once known as the breadbasket of Africa but now constrained by food insecurity.
Blue Marble’s venture in Zimbabwe should reveal insights into streamlining processes and building customer-centric business models.
See also: 5 Innovations in Microinsurance