My Pula Journey: Fast-paced and Favorably Unpredictable
It has been five months since I started working at Pula, yet I still find myself having to explain my role to my parents — I work remotely for a fast-paced insurtech company that is setting standards in the agricultural insurance space. They hoped I would get an 8 to 5 on-site job, presumably in a government office! Pula’s work-from-home policy is so unfamiliar to them, they asked to see a payslip! After graduating from university, I spent 5 years at a government development financial institution (DFI) in Kenya where most of my friends thought I would build a long-lasting career. But I was looking for a new challenge, and I found it at Pula.
Visiting Pay@Harvest farmers in Bulambuli District, Eastern Uganda. From left to right: Jenny Atukunda (Pula), Samuel King’ori (Pula), Attra (Agro Consortium Uganda), Hannes Adlam (Pula). Source: Pula
Joining the company in April this year as a Credit Associate came with uncertainty and excitement. Earlier, I used to worry about waking up early to beat the Nairobi traffic and now I was concerned about accessing the company’s financial management systems remotely! I do not consider myself very tech-savvy so I was apprehensive about the steep learning curve, but I received a lot of valuable support from the team and I was able to settle in seamlessly. Bear in mind, this was a new role for the organization too and there was no institutional reference, and yet it worked out smoothly.
My role at Pula mainly involves the pre-advancing of agricultural insurance cover as credit to farmers. With support from British International Investment, Pula has rolled-out a new product christened Pay@Harvest Insurance which has the potential to significantly increase the uptake of insurance by smallholder farmers. The ingenious distribution method allows for insurance premiums to be paid on behalf of farmers at the start of the crop season through a credit facility owned by Pula. Repayments are then deducted from farmers’ crop sales to an off taker at harvest. In my role, I perform due diligence and appraise the creditworthiness of off takers for the Pay@Harvest Insurance product. Specifically, I carry out background checks on off takers, rate their operations against a standard credit score matrix, and advise the Chief Finance Officer (CFO) on the eligibility and suitability of the off takers for the Pay@harvest credit facility.
What this involves is a lot of work behind a computer screen and engaging with people through online meetings, which often makes me forget that my work has a very real impact on people at the bottom of the pyramid. I recently joined the CFO on a visit to Bulambuli district in eastern Uganda, where we met a maize off taker that is part of our active Pay@Harvest portfolio. We also undertook a field appraisal visit for a separate, prospective off taker. It is after these two visits that the impact of my desk work become evident! We visited and spoke to farmers insured by the Nile Fresh International off taker in Eastern Uganda. The farmers were happy and reassured by the fact that they received good quality seeds on credit at the start of the season, their crops were insured, and they could comfortably cover these costs by giving a bag of maize to the off taker after harvest. The strengthened resilience of these farmers, despite the rapidly changing climate, resulting from our crop insurance product inspired and motivated us to continue doing more. Quite revolutionary, right?
Pula team members and the management of Nucafe (a prospective Pay@Harvest Offtaker) in Kampala, Uganda. Source: Pula
Going forward, we strive to continue developing the Pay@Harvest insurance product. Pula intends to onboard more off takers in various agricultural value chains by supporting the acquisition process. This means focusing on more efficient onboarding and maintaining good relationships. From a strategic point of view, the Pay@Harvest product could significantly increase the value proposition of Pula’s commercial business. However, we need to build on lessons learned from the trial phase and make relevant amendments where we encounter challenges, especially around recovering advanced funds. So far, the baby is still crawling but her first steps are within sight. Being entrusted with my credit position at Pula is a proud moment in my career journey. I am thrilled to assist Pula in providing farmers with a layer of protection through our Pay@Harvest insurance product.
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