LAGOS— Pula a leading agricultural technology company that develops and provides crops and livestock insurance received the InsurTech award last Friday during the 6th annual African Insurance Awards held in Lagos, Nigeria.
InsurTech Company of the year award was organized by African Reinsurance Corporation (Africa Re).
It targets non-Insurers collaborating with insurers to improve customer service delivery, product development and innovation.
Pula received the noble award as a result of its experience in derisking over 4.3 Million small holder farmers through their area yield insurance product.
Pula provides insurance services and digital solutions to farmers in Africa.
The company uses the crop cut experiment as a claim assessment procedure.
This assessment relies heavily on ground crop cuts and it’s fed on mobile apps which relay instant feedback to clients. After harvest, Pula visits farms to carry out Crop Cut Exercise in order to determine compensation for farmers.
Pula Insurance is also embedded in products and services that farmers use such as seeds, fertilizers, paygo solar products and credits from financial institutions.
On accepting the award, Rose Goslinga, the Co-founder said the award is a testimony of the company’s vision of building resilience and profitability for smallholder farmers across Africa who help drive GDP of the continent.
She added that with time, agricultural insurance will be a necessity product that will help transform the agriculture industry in Africa owing to the fact that Agriculture in Africa affected by several risks including pests and diseases and climate change.
Besides, area yield insurance, Pula offers digital services for the insured famers to help them connect with regional and global insurance firms.
Pula has previously worked with quite a number of notable insurance companies across 12 African countries and organizations such as World Food Program, IFAD, Vision Fund, One Acre Fund, Government institutions in Uganda, Kenya, and Nigeria.