The World Bank Group and CelsiusPro AG partnered to make agricultural insurance in Ukraine more affordable for smaller companies, expanding farmers’ access to financial services, and helping boost agricultural productivity. As a component of the partnership, the Eastern Europe Access to Finance Project, a part of the World Bank Group’s Finance and Markets Global Practice, signed an advisory services agreement with CelsiusPro AG. The agreement aims to improve index area yield insurance and also train insurers in order to localize the sales of agri-insurance products in Ukraine. Index insurance is an innovative approach to insurance provision that helps unlock productivity gains by making financial services more widely available at lower costs via data analytics. The project is being implemented by IFC in partnership with the Austrian and Hungarian governments.
“We want to enable local insurers to offer yield shortfall covers, not only to the largest firms, but also to mid-sized and small producers. Our firm offers a chain of services from data sourcing, index, and policy design to the automated handling of policies via one platform. Streamlining design, calculation, and policy management processes via our technology is what ultimately reduces costs and makes index insurance affordable,” said Mark Rueegg of CelsiusPro. “The project aims to offer better quality insurance products at lower premiums. With CelsiusPro and their advanced technology, we have found a strong partner to achieve exactly that,” said Gary Reusche, Program Manager for the Eastern Europe Access to Finance Project.