The Lexasure Family

Our strong family of brands provide deep expertise across reinsurance and digital insurance solutions.

Digital Insurance

Transforming Agriculture Insurance

Flourish

  • Flourish Insurtech | Harvesting Peace of Mind

    Climate change is increasing the frequency of agricultural crises, potentially depriving small-scale farmers is Southeast Asia of food and livelihood: 68% of growers in Southeast Asia’s largest agricultural-producing countries are concerned with the impact of climate change.  

    Enter Flourish, a comprehensive mobile app providing farmers with insurance coverage and mobile technology in the event of failure to crops and livestock. The app integrates crucial data on crop performance, equipment functionality, weather patterns and soil conditions into one platform to help farmers make more informed and timely business decisions.

    Solutions

    Farm Monitoring with unique ID creator
    Add multiple livestock or crops
    Husbandry tracker
    Food traceability
    User-friendly interface
    Integration with insurers for claims notification
    Allows risk management and support for claim adjudication

Features and Benefits

Unique & Actionable Analytics

Utilizing historical data and post-loss-event data, the insurer calculates the precise extent of the damage and simplifies the policy renewable process.

Settlement Accuracy & Fraud Prevention

With accurate and verified data, the insurer can settle claims quickly and with the knowledge that the risk of fraud is dramatically reduced.

Scheduled Data Collection & Analysis

Data collection via mobile app on a regular basis builds up historical and trending data for deep insights. Where applicable, mandated or standard insurance assessments can be replaced or guided by data entry.

Loss Event Reporting

Farmers are able to report losses due to weather or other insured risk events. Reports are validated by Insurer using external weather data and automated index-insurance platform.

Damage Assessment

Real-time photo and timestamp following Loss Event to ensure maximum accuracy and transparency.

Claims Management

After submission, users can easily track the progress of their claims and manage them.

Flourish can benefit both farmers and insurers

  • Stabilizing farmers with parametric insurance solutions

    Flourish measures exposure to offer parametric insurance solutions which rely on indices correlated to actual losses. It provides real-time trending data that enables farmers and insurers to calculate the extent of damage and quickly report losses, ensuring maximum accuracy and transparency with time-stamped photos. Farmers receive a payout of a predefined amount within a few days or weeks if the index reaches a predefined threshold.

    Flourish offers a dual benefit to farmers and insurers:

    For insurers, accurate assessment through quantitative claim data increases transparency and eliminates fraud. Better information and greater confidence equate to improved re-insurance rates.
    For farmers, who bear significant annual expense that does not increase yield, the app provides tools to manage their farms more efficiently and in partnership with insurers, secure in the knowledge that prompt payment will accurately reflect the loss. All the insurance tools a farmer needs to manage crops, equipment, stock, and husbandry.

Now

Insurers

  • Claims are hard to quantify and can be subjective
  • Limited ability to manage moral hazard
  • Standard reinsurance rates
  • Time and resource cost of mandatory assessments

Future

Insurers

  • Accurate assessment through quantitative claim data – increase transparency and eliminate fraud
  • By giving farmers the tools to improve, insurers create a pool of customers that actively reduce their risk over the life of a policy
  • Better information and greater confidence means improved reinsurance rates
  • Germination, husbandry and pre- harvest assessments delivered in one simple platform
With Flourish

Ready to build an insured future with us?

Speak to our team of experts to explore how you can leverage digital insurance today.

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