IBISA, an insurtech pioneer headquartered in Luxembourg, has announced the launch of its latest innovation, the Heat Stress Solution. This advancement in climate-risk insurance underscores IBISA's commitment to addressing critical challenges faced by the dairy industry, as per a company statement.
In response to the significant decline in milk yield, estimated at 30-35 per cent during severe heat waves, IBISA's Heat Stress Solution utilises advanced climate metrics and satellite technology to provide vital protection for dairy farmers. According to the company, by offering compensation for revenue losses incurred due to heat stress, this solution serves as a lifeline for dairy farmers across India.
Since its introduction in 2024, the Heat Stress Solution has safeguarded over 100,000 livestock within a mere fortnight, spanning 14 districts in Kerala, as per the company statement. Notable beneficiaries include farmers associated with the Trivandrum, Malabar, and Ernakulam Regional Co-operative Milk Producers' Unions (TRCMPU, MRCMPU, and ERCMPU, respectively).
Furthermore, the product is currently operational in select districts of Maharashtra, Uttar Pradesh, Madhya Pradesh, Rajasthan, and Gujarat. IBISA anticipates expanding its reach in the coming months through collaborations with multiple milk unions and key partners within the dairy value chain. Strategic partnerships with Dehaat, a leading agritech firm, and Behtar Zindagi, an online agri marketplace platform provider, further enhance the product's accessibility and impact.
"Identifying and addressing a critical necessity, we've brought to the fore an insurance model that is not just accessible but also comprehensible to our clients," said Balachandran MK, IBISA's Head of Growth for Asia.
Through strategic collaborations and grassroots awareness initiatives, IBISA aims to redefine India's agri-insurance landscape, empowering farmers and enterprises to navigate climate uncertainties effectively.
