Index is the Newest Addition to the Bermuda Monetary Authority’s Innovation Hub
Index is excited to announce admission to the Bermuda Monetary Authority’s (BMA) Innovation Hub as it builds BioTag-backed® insurance products.
Food recalls are at a 10-year high and are expected to increase as enhanced traceability regulations emerge and the climate crisis unfolds. The agriculture and food industries are surprisingly uninsured or underinsured for the associated product contamination and recall risks, as many insurance carriers view these policies as too risky.
Despite $7B dollars in losses incurred by the $1.2T U.S. food and agriculture industry due to voluntary recall, there is only $700M of global recall and contamination insurance capacity. Poor traceability and supply chain complexity is the cause of this gap — if you can’t trace a product, you can not get coverage. As a result, claims are frequent and broad in scope with litigation increasingly common. This begs the question, how can food & ag companies mitigate risk in their supply chains and absolve uninvolved products from contamination events?
Index is defining a new category of traceability using baker’s yeast to create agricultural supply chains that are measurable, verifiable and sustainable. Our BioTags® are microscopic barcodes made from baker’s yeast that are applied directly to products and connect those physical products to their digital supply chain.
“We believe Index’s technology has the potential to open up significant segments of the food and agriculture industry to new categories of risk mitigation, while reducing the scope of recalls.” says Mike Borg, Co-Founder & CEO at Index. “BioTags® allow us to embed insurance coverage onto the product itself, providing molecular-level evidence of product liability that is directly connected to a policy.”
The BMA Innovation Hub provides an environment for companies to develop and test new technologies or business models at early stages of development, and helps navigate licensing requirements for innovative products. Through the Innovation Hub, Index will build and test its BioTag-backed® insurance products that guarantees proof-of-ownership and product origin to create new categories of product contamination, recall and general liability insurance.
BioTags® are currently available for commercial use within Canada & US food supply chains to verify product quality, food safety and sustainability claims. Connect with our team here if you would like to learn more.
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Index is defining a new category of traceability using baker’s yeast to create agricultural supply chains that are measurable, verifiable and sustainable. BioTags® are microscopic barcodes made from baker’s yeast that are applied directly to products and connect those physical products to their digital supply chain. Index is building a BioTag-backed® insurance product that guarantees proof of ownership and product origin to create new categories of product contamination, recall and general liability insurance
About Bermuda Monetary Authority
The Bermuda Monetary Authority (Authority or BMA) regulates Bermuda’s financial services sector.
The Authority was established by statute in 1969. Its role has evolved over the years to meet changing needs in the financial services sector. Today it supervises, regulates and inspects financial institutions operating in the jurisdiction. It also issues Bermuda’s national currency, manages exchange control transactions, assists other authorities with the detection and prevention of financial crime, and advises Government on banking and other financial and monetary matters.
The Authority develops risk-based financial regulations that it applies to the supervision of Bermuda’s banks, trust companies, investment businesses, investment funds, fund administrators, digital asset businesses, money service businesses, corporate service providers and insurance companies. It also regulates the Bermuda Stock Exchange and Bermuda Credit Union.
Media: aludwar@indexbiosystems.com
