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Globally, a vast majority of the low-income population face challenges due to the lack of protection against unforeseen catastrophic events, primarily due to the inaccessibility of formal risk management mechanisms.
Microinsurance offers protection against unexpected risks, for individuals unable to afford high premiums or fees.
Revolutionizing the concept of “Microinsurance”, low income households now have access to better insurance via new products that cover a range of risks. Natural disasters such as floods, droughts & hurricanes can inflict massive damages to the farming community who are at high risk owing to the inevitable weather conditions prevalent in the agricultural zones, thus further crippling the economic stance of low-income families in developing countries.
Informatics is thus breaking ground through the introduction of the Weather-Index Solution, an ‘index-based’ microinsurance product, by offering a viable mechanism for insurance companies to reduce the risk faced by farmers. Hence the solution will manage the entire procedure of insuring farmers and households by offering protection against potential losses caused by adverse weather conditions.
High level functionalities: