Agritech startup plans yield insurance to shield farmers from climate risks

AGRILEVER, a local agritech startup, plans to launch a yield guarantee insurance product next year to protect farmers from income losses caused by natural disasters.

- By Beatriz Marie D. Cruz Reporter

"This means we aren’t just giving farmers capital; we are guaranteeing profits for those who follow our agronomy advice. We are effectively removing the risk from the equation," Agrilever Co-founder Yoav Schwalb said in an email to BusinessWorld.

The startup is aiming to expand partnerships with insurance companies to support up to one million farmers through its upcoming new products.

"We are taking a phased, scalable approach. We are targeting an initial proof of concept (POC) with 150,000 farmers," Mr. Schwalb said.

Agrilever seeks to improve Filipino rice farmers’ access to financing and technology to help raise productivity. Its services include smartphone and mobile data packages, as well as on-the-ground support for farmers.

The company is also looking to onboard four additional partner banks to extend more loans to farmers, Mr. Schwalb said.