IBISA's Innovative Heat Stress Solution Catalyzes Unprecedented Growth in India’s Dairy Industry
In the relentless battle against Climate change, IBISA, a Luxembourg-based Insurtech pioneer, is at the forefront with innovative solutions aimed at sustaining agriculture and allied sectors. Renowned for crafting, distributing, and managing efficient, scalable, and innovative Climate insurance products globally, IBISA introduces its bespoke Heat Stress Solution—a proof to the company’s revolutionary impact in climate-risk insurance. Being an Insurtech, IBISA partners with local insurers and aids them by providing insurance risk modelling, design support, and risk assessment services, along with technological support. Ultimately, these insurers underwrite the insurance product.
With advanced climate metrics and the latest satellite technology, IBISA’s Heat Stress Solution is engineered to address a vital challenge in the dairy industry. This ground-breaking heat stress insurance for dairy cattle is fast gaining momentum in India, mirroring the sector’s recognition of IBISA’s transformative insurance paradigm and also the need and relevance for such a product.
Acknowledging the drastic 30-35% decline in milk yield due to severe heat waves, IBISA’s unique offering emerges as a crucial safeguard for dairy farmers, ensuring compensation for this significant revenue drop. Since its 2024 rollout, the Heat Stress Solution has safeguarded over 100,000 livestock within a mere fortnight, spanning across 14 districts in Kerala—a fivefold leap from its pilot run the previous year. Among those reaping the benefits are farmers of the Trivandrum, Malabar and Ernakulam Regional Co-operative Milk Producers’ Unions (TRCMPU, MRCMPU and ERCMPU respectively).
The product is also live in a few districts of Maharashtra, Uttar Pradesh, Madhya Pradesh, Rajasthan, and Gujarat. In the coming months, IBISA anticipates broadening its reach, fostering collaborations with multiple milk unions and key partners throughout the dairy value chain, further cementing its position in the market. IBISA has already partnered with Dehaat (a leading Agritech) and Behtar Zindagi (an online agri marketplace platform provider) in this season to increase the reach of this product.
“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,” remarks Balachandran MK, IBISA’s Head of Growth for Asia. “The surge in our solution’s adoption is a clear indicator of the heightened awareness and demand for such protective measures amidst climatic adversities.”
As climate change continues to impact numerous sectors, IBISA recognized a vital need within the poultry industry as well. Currently, a critical insurance void exists for losses due to heat stress in poultry. IBISA is deeply invested in liaising with poultry as well as dairy industry stakeholders, addressing their concerns, and ensuring grassroot awareness about the new product. With a solid network and strategic alliances with prominent local insurers, IBISA is now geared towards redefining India’s agri-insurance landscape.
As vanguards of climate-focused Insurtech, IBISA’s approach is marked by innovative tech applications and simplicity. The firm’s unwavering commitment to fortifying the agriculture and allied sectors is empowering farmers and enterprises to withstand climate uncertainties, steering them towards a future that promises sustainability and agricultural security.