Climate Protection for Coffee Farmers
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ID
147432
Owner
Sprout, Inc
Uploaded by
Sprout, Inc
Type
Technology
Source
User uploads
Published
2022/09/17
Updated
2022/11/30
Email Owner
Sprout, Inc
Sprout provides an innovative and holistic approach for climate protection of coffee farmers facing climate change risk. Coupling two flagship products: Sprout Alerts and Sprout Insurance, protection is low-cost and reliable. Leveraging satellite and blockchain technology, payouts are automated, accurate and trusted.
Sprout tackles the climate change challenges facing smallholder farmers with an innovative approach to crop insurance that is both affordable and commercially viable. Sprout reduces farmer climate change risk by both lowering the cost of designing and processing of insurance, as well as reducing on-farm risk by providing inter-seasonal advice direct to farmer mobile phones, Sprout Alerts.
Sprout lowers costs in three ways: improving the accuracy of designing satellite-based index insurance, digitizing full insurance processes and focusing on select crops. Sprout works with farmer groups to collect granular production data and correlates it to climate data collected and analyzed from satellite images. We look at a variety of climate indexes, such as temperature, rainfall, soil moisture or Normalized Difference Vegetation Index (NDVI), indexes shown to highly correlate to crop yields. Instead of relying on yearly farm-level data, Sprout monitors the climate index throughout the season.
Sprout is an all-in-one digital solution, digitizing and automating the entire insurance process. No action is required for farmers, as each insurance policy is plugged into smart contracts on blockchain. When weather impacts yields, policies are automatically triggered on the technology platform, which facilitates timely and fair pay-outs. Long-term, this can lower the cost of issuing a policy by 40%, and in turn lower farmer premiums by 30%.
Sprout focuses on four popular export commodities that are produced around the world: coffee, cocoa, rice and cotton. This focus allows impact at scale, reaching millions of smallholder farmers through a network of global buyers and leverage our core design innovations -- a strategy unique to Sprout.
Sprout lowers costs in three ways: improving the accuracy of designing satellite-based index insurance, digitizing full insurance processes and focusing on select crops. Sprout works with farmer groups to collect granular production data and correlates it to climate data collected and analyzed from satellite images. We look at a variety of climate indexes, such as temperature, rainfall, soil moisture or Normalized Difference Vegetation Index (NDVI), indexes shown to highly correlate to crop yields. Instead of relying on yearly farm-level data, Sprout monitors the climate index throughout the season.
Sprout is an all-in-one digital solution, digitizing and automating the entire insurance process. No action is required for farmers, as each insurance policy is plugged into smart contracts on blockchain. When weather impacts yields, policies are automatically triggered on the technology platform, which facilitates timely and fair pay-outs. Long-term, this can lower the cost of issuing a policy by 40%, and in turn lower farmer premiums by 30%.
Sprout focuses on four popular export commodities that are produced around the world: coffee, cocoa, rice and cotton. This focus allows impact at scale, reaching millions of smallholder farmers through a network of global buyers and leverage our core design innovations -- a strategy unique to Sprout.
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