Blue Marble Launches First Venture
BLUE MARBLE MICROINSURANCE ANNOUNCES FIRST VENTURE
New York, NY, October 6, 2016 – Blue Marble Microinsurance, a consortium of eight companies established in 2015 with the aim of creating a market for microinsurance, announced today the launch of their first venture in Zimbabwe. While Blue Marble will initially pilot the venture in Zimbabwe to gain insights into how to make the insurance solution sustainable and impactful, they ultimately plan to scale the venture across Africa.
Blue Marble is providing drought protection to smallholder maize farmers in Zimbabwe. The venture has three key features. First, the design of a proprietary index to support the insurance product is a collaborative innovation of data scientists and agronomists from the eight consortium companies. The second feature is the use of two-way mobile communication with customers to improve the overall proposition continuously. Third, the use of innovative point-sensor technology to measure rainfall and plant health throughout the growing season will complement traditional grid remote-sensing data to create a higher-resolution parametric insurance cover.
Joan Lamm-Tennant, Chief Executive Officer of Blue Marble Microinsurance, said, “I am delighted that Blue Marble’s eight consortium companies have come together to launch this promising venture in Africa. By working together, we will bring insurance protection to the underserved in Zimbabwe, a region once known as the breadbasket of Africa but now constrained by food insecurity.”
Blue Marble’s venture in Zimbabwe should reveal insights into streamlining processes and building customer-centric business models.
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ABOUT BLUE MARBLE MICROINSURANCE
Blue Marble Microinsurance is a consortium of American International Group, Inc., Aspen Insurance Holdings Limited, Guy Carpenter & Company, LLC together with Marsh & McLennan Companies, Inc., Hamilton Insurance Group, Ltd., Old Mutual plc, Transatlantic Reinsurance Company, XL Catlin and Zurich Insurance Group.
Blue Marble aims to create a market for microinsurance, extending insurance protection to the underserved. Blue Marble develops ventures that address societal problems, including food security, financial inclusion and the advancement of microentrepreneurs.
For further information, please contact:
Blue Marble Microinsurance