IBISA platform enables next generation agriculture insurance through data and technology
Established in 2019
Teaser of the company
IBISA is a tech platform for insurance actors to unlock the agriculture microinsurance market worldwide. IBISA designs innovative weather-based index products and provides a platform to distribute and manage them in a cost-efficient and automated way using Earth Observation and blockchain technologies.
IBISA has developed the following blockchain-based prototype in the scope of BlockStart:
Despite the investments on satellite infrastructure and ground infrastructure to exploit Earth Observation Satellite data, the access, dataset selection and use reminds highly technical. It requires specific expertise in both, Earth Observation data analysis and software programming. Yet, this data is not immediately actionable.
Nowadays many businesses could benefit from the power of satellite Earth Observation data: smart-farming, agriculture advisory, agricultural production buyers, agricultural sellers (seeds or fertilizer), banks and micro-finance institutions but only big players can afford it and develop the required expertise, knowledge and tools to leverage correctly this technology.
The problem IBISA is solving with Minorka is that SMEs today don’t have access to valuable satellite data for their business.
Minorka can leverage IBISA’s knowledge and the technology the company has developed for IBISA’s loss assessment platform to democratize the use of satellite data and open the access to all actors, even the smallest, to its benefits.
Creating a distributed platform to leverage IBISA’s crop failure crowd-sourced assessment tool opens the opportunity to other businesses to use this technology and benefit from the power of the technology and the community the company has built.
Technical development during Prototype stage
During the development of Minorka, the following technical developments have taken place:
Minorka prototype is an Ethereum Dapp that can trigger the IBISA Earth Observation platform directly. IBISA has selected Ethereum because this is, in their point of view, the standard when it comes to public decentralized application, with a very rich toolbox for developers and users (Truffle, Etherscan, uPort, etc.). By selecting this standard, they hope their solution can be easily integrated or enriched by external users that are able to connect or consult directly IBISA’s services.
IBISA’s long-term vision is to transfer all its remote loss assessment platform on Ethereum, where IBISA is just a client of Minorka and the los assessment, but that other services / business can be built on this tool.
The solution is built around 2 main functionalities: Request an assessment and consult the result of an assessment once it is done. The assessment in itself is also a key element of the solution. But for this, IBISA capitalizes on its existing infrastructure, and reuses it as is.
Thus, the company developed 4 main features in the context of BlockStart project: Login creation, Assessment request, Status update and Consult assessment status.
Business development during Prototype stage
During the development of Minorka, the following business developments have taken place:
During prototype stage, IBISA defined its go-to-market strategy, developed and refined a commercial presentation and defined and started socializing a pricing model.
They target directly crop consultants, advisors and SMEs developing farm management information systems to integrate Minorka into their offering. These are the company’s channel for agriculture retailers and farmers. It is a B2B model.
They engaged with 5 potential SME adopters that brought two different opportunities:
- Direct work with farmers: two Malaysian SMEs that bring the needs at farmer level and help IBISA understanding farmers needs and priorities. This is helping the company to measure the value of the assessments and other required products additions.
- Complement of an existing service: introduce Earth Observation actionable data as part of IBISA’s SMEs partners portfolio towards their customers.
The current pricing is based on pay-per-use and the company defined a tiered model.
To validate the company’s market/channel fit:
- IBISA engaged with 5 potential adopters
- Out of the 5, 2 are the type of target customers the company is looking for.
The 5 potential adopters tested the solution for farms in Malaysia, Spain, The Netherlands and Poland.
Meet the Team
BlockStart is a commercial focused program where DLT startups can prototype new ideas, test and improve them hand in hand with the users. It is a great format to do a full product cycle fast from ideation to commercialization.
Total funding received by IBISA under BlockStart: €16,000 (€1,000 for Ideation Kick-off and €15,000 for Prototype stage)