IBISA's innovative climate insurance solution shields dairy industry from heat wave
IBISA, a leading Insurtech pioneer headquartered in Luxembourg, has launched its latest innovation - the Heat Stress Solution -- a groundbreaking advancement in climate-risk insurance that underscores its commitment to addressing critical challenges faced by the dairy industry
Team RuralVoice
IBISA, a leading Insurtech pioneer headquartered in Luxembourg, has launched its latest innovation - the Heat Stress Solution -- a groundbreaking advancement in climate-risk insurance that underscores its commitment to addressing critical challenges faced by the dairy industry.
In response to the significant decline in milk yield, estimated at 30-35 percent during severe heat waves, IBISA's Heat Stress Solution utilizes advanced climate metrics and satellite technology to provide vital protection for dairy farmers. By offering compensation for revenue losses incurred due to heat stress, this unique solution serves as a lifeline for dairy farmers across India, said a company press release.
Since its introduction in 2024, the Heat Stress Solution has already safeguarded over 100,000 livestock within a mere fortnight, spanning 14 districts in Kerala. Notable beneficiaries include farmers associated with the Trivandrum, Malabar, and Ernakulam Regional Co-operative Milk Producers' Unions (TRCMPU, MRCMPU, and ERCMPU respectively).
Furthermore, the product is currently operational in select districts of Maharashtra, Uttar Pradesh, Madhya Pradesh, Rajasthan, and Gujarat. IBISA anticipates expanding its reach in the coming months through collaborations with multiple milk unions and key partners within the dairy value chain. Strategic partnerships with Dehaat, a leading Agritech firm, and Behtar Zindagi, an online agri marketplace platform provider, further enhance the product's accessibility and impact.
IBISA's expertise in developing, distributing, and overseeing effective climate insurance solutions is unparalleled. As an Insurtech firm, IBISA collaborates with local insurers, providing comprehensive support in insurance risk modelling, design, assessment, and technological infrastructure, ultimately enabling insurers to underwrite and deliver tailored insurance products efficiently.
"Identifying and addressing a critical necessity, we've brought to the fore an insurance model that is not just accessible but also comprehensible to our clients," remarks Balachandran MK, IBISA's Head of Growth for Asia. "The surge in our solution's adoption is a clear indicator of the heightened awareness and demand for such protective measures amidst climatic adversities."
Recognizing the impact of climate change on various sectors, IBISA is committed to addressing insurance gaps in the poultry industry as well. Through strategic collaborations and grassroots awareness initiatives, IBISA aims to redefine India's agri-insurance landscape, empowering farmers and enterprises to navigate climate uncertainties effectively.
As pioneers in climate-focused Insurtech, IBISA's approach emphasizes innovative tech applications and simplicity, fostering sustainability and agricultural security for the future.
