What is the name of your organization?
OKO FINANCE
What is the name of your solution?
OKO
Provide a one-line summary or tagline for your solution.
OKO is an insurTech startup that specializes in index climate insurance in Sub-Saharan Africa.
In what city, town, or region is your solution team headquartered?
Tel Aviv-Yafo, Israel
In what country is your solution team headquartered?
Israel
What type of organization is your solution team?
For-profit, including B-Corp or similar models
Film your elevator pitch.
What specific problem are you solving?
500 million family farms provide the majority of the world’s food. But 80% of them are un-irrigated and un-banked. Less than 3% of them have crop insurance. This means that hundreds of millions of farms are on the verge of bankruptcy and can only hope for favorable weather. They are also unable to access financing as their business is considered too risky by lenders.
And the situation is getting worse every year due to climate change
What is your solution?
At the center of OKO’s initiative is affordable, accessible crop insurance that is distributed with mobile technology. Our products are weather index insurance products, i.e. parametric products that cover extreme weather conditions such as excessive rainfall, floods and drought. The cost of the product varies on the type of crop, the location of the farmer, the frequency of the payout, the expected yield, the market price of the produce,and the total amount of cover. However, to generalize our products have a premium of 5%, and a typical smallholder farmer pays around $20 to cover a 1ha land parcel, which is quite affordable compared to alternatives.
Another important aspect of our initiative is effective claim disbursement. By ensuring timely payouts after weather-related losses, OKO enables farmers to recover quickly, reinvest in their fields, and adopt better agricultural practices. This protection helps farmers make long-term plans with greater confidence, reducing the financial stress caused by unpredictable weather conditions.
Our products also improve farmers’ access to credit, as lenders feel more secure providing loans when repayment is insured. This financial stability allows farmers to invest in high-quality inputs, leading to increased productivity and income.
Who does your solution serve, and in what ways will the solution impact their lives?
OKO targets smallholder farmers in Sub-Saharan Africa. They form the backbone of the economy, yet they face significant vulnerabilities. These farmers, cultivating small plots (often under two hectares), depend on the weather and lack financial stability. Most live in rural areas with limited access to banking, credit, and market information. Their incomes fluctuate based on crop yields, making them highly susceptible to external shocks.
