Leveraging digital innovation to promote agricultural insurance among small-scale farmers
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Despite its gradual rise in popularity, the field of insurance technology (Insurtech) in most low- and middle-income countries remains significantly underdeveloped, especially regarding its applications in agriculture. Relatively few solutions to enhance the efficiency, delivery, and affordability of agri-insurance among small-scale farmers have reached a significant scale as of yet, and even when they have, these have tended to be concentrated in contexts where digital financial innovation is already quite advanced, such as the East Africa region. Furthermore, it should be noted that there are significant barriers to entry for start-ups in the Insurtech space, in terms of, for example, required starting capital and regulatory compliance, which implies that the majority of these companies are bound to need substantial financial and non-financial support to kickstart their ideas and grow to scale. Under these premises, this study seeks to illustrate how digital innovation can support the design and delivery of agri-insurance products in developing countries, with the aim of strengthening the livelihoods and resilience of vast populations of vulnerable smallholders against natural disasters.