Agvesto is an insurance technology focussed business in UK and India. We deliver parametric insurance programs to the value chain to protect themselves against natural perils and build resilience.
As part of SERI, we have explored initially an aquaculture focussed insurance product that targets specific but key problem such as Algae bloom that affects UK seafood industry, hospitality industry and health.
During SERI, we have evolved to focus more on wider water quality issues that affect us, and to build a insurance product around water quality and conservation. The link towards net-zero outcomes in aquaculture practices (apart from renewable-energy driven boats) is not yet transparent.
We mapped out the data systems and open sharing principles that underpin SERI goals.
Market-based instruments, such as ‘water quality trading to cost-effectively meet water quality goals’, were identified through the SERI research.
We are now testing the market demand for the products in the UK and India.
We have identified a large listed company in India who sells pond liners to farmers and aquaculture clients.
They are initially buying coverage for mortality due to natural perils as part of their resilience program.
Water quality measurement is currently done using IoT systems but historic data (>20-years) is not available. This makes it difficult to underwrite quality-related risks in current installations. We are seeking data partners in India who are working with water data.
UK: 2021-H2, we have plans to actively market the offering and test demand.