With the support of the CLI, Etherisc developed a decentralised insurance platform on Ethereum for ACRE Africa’s BIMA PIMA index insurance product. With the platform, crop insurance policies are plugged into smart contracts on blockchain and indexed to local weather. During an extreme weather event, the policies are automatically triggered by satellite data, which facilitates fair, transparent and swift payouts.

In 2021 first polices were activated on the platform. The solution helped ACRE Africa overcome several challenges associated with traditional crop insurance such as delayed payments, high premium costs, and lack of transparency. Payments to farmers are processed using the cash and mobile payment system M-Pesa. The blockchain-based insurance solution facilitates near real time policy reviews, allowing farmers to receive payments swiftly even during an ongoing season. This enables the farmers to reinvest early, giving them the opportunity to save the ongoing season.

The aim is to deliver sustainable solutions to mitigate the effects of climate change for farmers in Kenya and other African countries.

Etherisc Impact B.V. (The Netherlands), ACRE Africa (Kenya)