Pula, a Kenyan company operating in 12 African countries has won the InsurTech of the year award during the 6th annual African insurance awards event in Lagos, Nigeria on Friday 17.
This comes as a result of the firm’s experience in managing over 4.3 million smallholder farmers through their Area Risk Index and yield insurance product.
Pula carries out Crop Cut Exercise on farms after harvest to determine compensation for farmers. As a result, smallholder farmers have received total compensation of up to 20 million USD.
Pula co-founder Thomas Njeru said the award is a recognition for the company's efforts in Agriculture Insurance and promoting farmers in livestock and crop farming to food security.
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"This award is a testimony to the significance of pula's mission of protecting smallholder farmers in Africa," said Thomas Njeru.
African farmers are exposed to various climate risks including excessive rainfall, drought, pests and diseases that affect production. Pula specialises in Agriculture Insurance and provides levers to connect participating farmers with regional and global reinsurance firms to mitigate such risks.
Pula co-founder Rose Goslinga said they're looking forward to partnering with more African governments and the private sector to help drive the uptake of agriculture insurance and drive resilience for an additional 10 million farmers.
"We want to send a big shout out to the dedicated staff of pula, partners, investors, insurers and farmers that we work with. With this the award we are optimistic that agriculture insurance will be a necessary product that will help transform the agriculture industry in Africa," said Rose Goslinga.
InsurTech Company of the year award targets non-insurers collaborating with insurers to improve customer service delivery, product development and innovation.
African Reinsurance Corporation (Africa Re) based in Lagos is the main sponsor of the award.
"Africa Re will continue to be a dedicated partner and will go the extra mile to support and reward outstanding efforts to help develop the entire African Insurance industry," said Dr. Corneille Karekezi, Africa Re CEO.
Other Pula partners include WFP, IFAD, One Acre Fund Vision Fund, and governments of Kenya, Nigeria, Uganda, Malawi, Mali, Senegal, Zambia, Tanzania, Rwanda, Ethiopia, Central Republic, Mozambique and India.