Sprout featured in BCG and Google Report: Accelerating Climate Action with AI
In November 2023, BCG and Google published a new report on How AI Can Speed Climate Action.
The report dives into the critical role AI can play in climate action and how leaders can make the most of it, and also puts associated risks into perspective. The full version is here: https://lnkd.in/eH_dee_G. Find Sprout’s mention on page 20.
Sprout, an insurtech startup, offers an innovative, AI-driven solution that helps farmers navigate risks and withstand full or partial crop failures resulting from extreme climate conditions. Sprout brings its own proprietary data on coffee farming together with data from satellites and other sources to do two things that support smallholder farmers.
First, via the Sprout mobile app, it offers locally customized agronomy advice to farmers on how best to navigate unex- pected weather trends. This reduces intra-seasonal risks, thereby requiring less insurance cover. Second, via an innovative index insurance offering, Sprout helps alleviate downside impacts. Premiums are paid by the farmers’ direct customers — and ultimately by developed-world coffee consumers. Index insurance doesn’t require farmers to file claims to receive compensation. Instead, it provides automatic payouts should an index variable for the local area (for example, rainfall) fall below a target value. Sprout is piloting its Climate Smart CoffeeTM program with support from USAID Development Innovation Ventures in Kenya.
Sprout aspires to offer protection to over 1 million farmers worldwide by 2030.
