2 billion smallholder farmers depend on rain for their daily agricultural activities. OKO provides these farmers with an affordable and efficient insurance against droughts and excessive rainfall. OKO's insurance products are leveraging on the latest mobile and satellite technologies for remote payments and claim verification. This will unlock an enormous business opportunity

Problem addressed:
Smallholder farmers produce more than 50% of the world’s food. Despite that, crop insurance is not currently offered to smallholder farmers. This means that this population is highly vulnerable to weather conditions. This is a barrier to development, as a bad year can lead a whole family to financial distress. It also discourages farmers from investing in their business and taking new risks. The absence of insurance also deprives farmers of financing: banks and micro-finance institutions are unwilling to provide loans at good rates, knowing that adverse weather conditions can lead the farme...
2 billion smallholder farmers depend on rain for their daily agricultural activities. OKO provides these farmers with an affordable and efficient insurance against droughts and excessive rainfall. OKO's insurance products are leveraging on the latest mobile and satellite technologies for remote payments and claim verification. This will unlock an enormous business opportunity

Problem addressed:
Smallholder farmers produce more than 50% of the world’s food. Despite that, crop insurance is not currently offered to smallholder farmers. This means that this population is highly vulnerable to weather conditions. This is a barrier to development, as a bad year can lead a whole family to financial distress. It also discourages farmers from investing in their business and taking new risks. The absence of insurance also deprives farmers of financing: banks and micro-finance institutions are unwilling to provide loans at good rates, knowing that adverse weather conditions can lead the farmers to default.

Solution proposed:
OKO provides smallholder farmers in emerging nations with an insurance to protect them against drought and excessive rainfall.
Insurance companies are currently unable to offer attractive products to smallholder farmers, as the administrative cost (distribution, premium collection, claim verifications and payment) is too high in comparison to the amount covered. But new technologies including index insurance and mobile payment make it possible to disrupt the insurance products and create solutions adapted to the reality of the market.

OKO's innovations:
- Paperless, mobile-based registration: OKO agents and indirect re-sellers register farmers on a phone and offer them to pay for the insurance via mobile money or mobile banking. They can manage their policy from any device using USSD menus
- Remote weather monitoring: OKO monitors rainfall remotely, using satellite data to have a precise and cost-effective assessment of the expected yield.
- Automated payment via mobile money: Claim payments are automatically made based on the monitored rainfall. Claim amounts are disbursed on users’ mobile wallets, which offer security and convenience, on top of being cost-efficient.
- Big Data analysis: by analysing rainfall/humidity and the crop production, OKO is able to define best practices to help farmers improve their productivity and reduce their risks.
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Investors

Ecobank FinTech 2020 Challenge
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Ecobank FinTech 2020 Challenge Partner Ecobank! Reach Africa!
Startupbootcamp Cape Town FastTrack
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Startupbootcamp Cape Town FastTrack Startupbootcamp Africa - 2018 FastTrack Events in a location near you
The 100+ Accelerator
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The 100+ Accelerator The Global Accelerator Program to Scale Sustainability Startups
TheHive by Gvahim Start-up Accelerator
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TheHive by Gvahim Start-up Accelerator Accelerator Program for Olim and Israeli Entrepreneurs

Advisors

Yuval Ariav
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Employees

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Recommendations

Patricia Lahy

Simon Schwall (OKO) participated in TheHive accelerator (8th batch). I strongly recommend Simon for Barclays accelerator. Simon has a strong strategic vision combined with a unique knowledge of insurance and understanding of the unique needs of Emerging Markets. With Barclays mentoring and focus on fintech, I believe that OKO will be able to unlock the inmense business opportunities of this market while helping farmers around the globe exit the poverty loop.

Puay Lim Yeo Regional Manager, Southeast Asia at Milvik

I worked closely with Simon Schwall while he was at BIMA; he founded BIMA's micro-insurance operations in Papua New Guinea and Fiji, which provided life and hospitalisation insurance to around half a million lives in the two countries. He is entrepreneurial, analytical, resourceful and overall a great leader and team member. Simon genuinely cares about the people he's trying to serve, and the problems that he's trying to fix. Crop insurance for smallholder farmers is not an easy problem, but Simon, with his experience and skills, is probably one of the people I would trust with finding the solution

Max Bergman Founder & Managing Director - Bima Sri Lanka at Milvik

Dear Sir/Madam,

I worked 3 years alongside Simon in Bima. Bima builds insurance businesses from absolute scratch in some of the most difficult countries one can operate it. Only very few can survive (in every sense of the word) in such environments. Simon does not just survive - he also delivers results where most people would have given up long time ago.

If I had to summarize Simon in one sentence professionally: he gets the job done.

He's also a very nice guy for the record, which is important when you work in relationship based markets.

I would hire Simon myself for one of my ventures.

Max Bergman