Igloo partners with Aurora Mobility Solutions and MobiFone to boost sustainable agriculture

Regional insurtech player Igloo has announced a strategic partnership with Vietnamese digital service provider Aurora Mobility Solutions (AMS) and the country’s telecommunications, information technology, and digital content company MobiFone to extend its Weather Index Insurance to the wide-reaching network of farmers in Vietnam.

Deployed across 18 cities and provinces, encompassing over 2,000 automated rain stations and 650 hydrometeorological stations, the product is expected to further increase the number of Vietnamese farmers protected against unusual weather events.

Vietnam has experienced a surge in extreme weather events in recent years, including unseasonal rain and prolonged drought, which poses an increasingly severe threat to agriculture.

Agricultural losses due to climate change in the country are projected to increase by around 6 per cent to 2030 and 7-10 per cent by 2050, depending on different climate scenarios. Crop losses not only push farmers into financial distress but also threaten food security in the region.

Thus, the need to protect farmers from extreme weather events, particularly rain and flood, is becoming more urgent.

With its focus on technology for new products and solutions, Igloo leverages big data, real-time risk assessment, and end-to-end automated claims management to partner with insurance companies to create the blockchain-based Weather Index Insurance, which automates claims through the use of smart contracts.

Following the product launch in Vietnam last November, Igloo has significantly enhanced its Rainfall Weather Index Insurance, aiming to fortify its distinctive features and provide farmers with heightened protection. Shifting from a seasonal and crop-specific product, it has evolved into a monthly, all-encompassing plan that covers all plants and crops, ensuring comprehensive protection for all farmers.

Mr. Tri Nguyen, Country Manager at Igloo Vietnam, said the partnership with AMS to offer Rainfall Weather Index Insurance products for MobiFone subscribers represents a pivotal milestone in the strategic expansion of Weather Index Insurance in Vietnam. Leveraging MobiFone’s extensive database and expansive network, coupled with AMS’s proficiency in providing digital content services and Igloo’s expertise in insurtech, it aims to ensure increased protection for Vietnamese farmers against unpredictable weather conditions.

Under the partnership between AMS, MobiFone, and Igloo, Weather Index Insurance will now be integrated with the right to utilize MobiFone’s agricultural application, MobiAgri, which leverages advanced technologies such as big data, AI, blockchain, AR, and VR, to deliver holistic solutions for agricultural development and the transition towards digital and technological farming. This platform aims to assist farmers across the country in enhancing crop productivity, mitigating risks, and fostering sustainable agriculture practices.

“Our commitment is to remain consistently innovative, supporting Vietnamese individuals in shaping a digital future,” a MobiFone representative said. “We are glad to partner with Igloo and Vietnamese content service providers to introduce innovative solutions to farmers, which will contribute to creating a revolution in agricultural digital transformation and empower farmers in the 4.0 era.”