IBISA develops and operates parametric insurance solutions using satellite data analytics and actuarial risk modeling to insure against weather-related events. Its product suite includes agricultural-focused covers, typhoon insurance, loan protection for financial institutions, and a heat-stress product initially for dairy farmers. The company has placed special emphasis on India after establishing a local presence there in 2023 and is expanding the heat-stress product to countries such as Bangladesh. IBISA says its offerings make insurance more accessible and affordable for climate-vulnerable communities across Asia and Africa. The company recently closed a funding round that management says will enable product development and further geographic expansion. Management describes the next phase as an industrialisation stage to amplify product offerings and scale into new emerging markets. IBISA builds weather-focused microinsurance for low-income small farmers, using index-based (parametric) payouts triggered by catastrophic weather events. Its product relies on satellite (orbit) imagery and crowdsourced data from local "watchers" to assess damage and trigger quick, collective payouts that reduce claims-processing costs. The startup also incorporates blockchain (its name stands for Inclusive Blockchain Insurance Using Space Assets) and was accelerated by the EU's Block.IS project to keep operating costs low. Since founding in 2019 and based in Luxembourg, IBISA has worked with partners in the Philippines, India and Niger and follows a partnership-based distribution model with mutuals, insurers, microfinance institutions, research institutions, farmers and breeders associations and governments. It plans to use the new seed funding to hire and expand its presence in existing and new markets. The approach aims to make agricultural insurance commercially viable by lowering operating costs and simplifying claims for farmers.

Total raised

$5M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2024