MercariRisk Tech ha created a mobile application (App) to underwrite and distribute crop insurance and other insurances like disability and health. The App is specifically designed for micro and small business owners in developing countries, particularly agricultural based businesses.
The App uses voice recognition, digital photography and satelite telemetry to provide a full and accurate picture of the risk. This provides confidence to underwriters so that they are more inclined to underwite risk in developing countries.
The satelite telemetry provides for peer to peer insurance networks and parametric (index) insurance, whereby claims are automatically paid out when certain parameters are met, for example, flood, fire, or pestulence.
The voice recognition, digital photography and geo-positing functions allow illiterate and semi illiterate users to obtain insurance without the need to fill out forms, or seek someone to complete the process for them. This provides self-respect and self-sufficiency.
The electronic payment module reduces the risk of fraud, by taking away the need to handle cash. Premiums are paid electronically from a cash wallet and claims are paid directly into it.
By increasing the penetration of insurance in developing countries, we can transfer the risk of loss or damage to crops and thereby allow users to financially survive any insurable event. By doing so, users can immediately recommence operations, or survive until the next planting. This means that wealth can be more easily accumulated and leveraged through the purchase of life, disability and savings products, as well as pensions and health care. This provides the mechanism for the cascade of wealth through the generations, embedding wealth and security into populations that would otherwise be financially wiped out in the event of a major event, such as a fire, storm, drought, flood or pestulence.
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