How Insurtech Is Looking to Africa

Are you torn between wanting to invest your money and wanting to use your money to help change the world? What if I told you that, thanks to InsurTech, you can do both?

Much could be said about the innovations startups have brought into our world. Thanks to these brilliant entrepreneurs and businesses we now have access to thousands of services we can no longer imagine living without. Yet special notice needs to be given to startups that aim to not only make our lives easier but improve the lives of the less well off.

Meet WorldCover, the ideal Insurtech startup for today’s socially conscious world. This company gives investors the opportunity to put their money in insurance investments for farmers in Africa and in turn receive a percentage of the premiums paid by the farmer. In return, the farmer is covered for income loss in natural disasters or extreme weather.

Stating that this form of investing has a better return file than either stocks or bonds, WorldCover aims to provide coverage to over 200, 000 farmers worldwide–although it is currently focused on farmers facing drought conditions in Africa. The company uses satellite technology to monitor rainfall and determine payouts and uses modern technology to make the application and investment process easy for interested investors.

After seeing the good that FinTech and InsurTech can do it really is exciting to think of what the future holds for these technologies changing more than just the business world. This new technology revolution is bringing with it real change and may prove to be the solution to so many economic injustices. We’ll just have to watch and see.