Extreme Tech Challenge Global Finals: Hillridge Technology Pitch

Hillridge Technology's Parametric Insurance for Agriculture

This report details the development of a novel insurance solution by Hillridge Technology, documented as of July 22, 2021.

Addressing Agricultural Risks

Hillridge Technology has focused on creating parametric insurance products specifically tailored for the agricultural sector.

The primary goal of this innovation is to provide financial protection to farmers against potential losses in both crop yields and livestock.

How Parametric Insurance Works

Unlike traditional insurance, parametric insurance doesn't assess actual losses. Instead, payouts are triggered when pre-defined weather parameters are met.

This approach offers several advantages, including faster claim settlements and reduced administrative costs.

Benefits for Farmers

• Crop Yield Protection: Safeguards against losses due to adverse weather conditions impacting harvests.
• Livestock Security: Provides financial support in the event of weather-related livestock losses.
• Faster Payouts: Parametric triggers enable quicker access to funds compared to traditional insurance claims.

Hillridge Technology’s solution aims to enhance the financial resilience of farmers by mitigating the impact of unpredictable weather patterns.

The system is designed to be proactive, offering support before significant financial hardship occurs.