BOSTON, MA / ACCESSWIRE / November 27, 2024 / Servisur Agricola, a leading agricultural service provider in Bolivia, has partnered with Ceres AI to introduce an advanced parametric insurance program designed to protect Bolivian soybean farmers from climate risks. This initiative is supported by Munich Re, a global leader in reinsurance, bringing its extensive risk management expertise to the project.
The parametric insurance model, powered by Ceres AI's cutting-edge technology, uses real-time data to monitor weather conditions and crop performance. When specific predefined thresholds, such as drought or excessive rainfall, are reached, payouts are triggered automatically, offering faster financial relief without the need for lengthy claim assessments.
Soybean farming is a crucial economic sector in Bolivia, but unpredictable weather patterns pose significant challenges. This innovative insurance program aims to bolster the resilience of Bolivian farmers, helping them mitigate the financial impacts of climate-related losses and secure the future of their operations.
"We are proud to collaborate with Ceres AI and have the support of Munich Re in bringing this vital insurance solution to our farmers," said Servisur. "This initiative reflects our commitment to supporting agricultural communities in Bolivia and strengthening their ability to navigate climate risks."
"This deal is a pioneering milestone by all involved; Ceres is a great example of a Vertical AI business that's leveraging computer vision and models to power a new insurance use case in a very global industry. The upside is massive," said Krishna K. Gupta, Chairman of Ceres and CEO of Remus Capital, Ceres' lead backer.
Stanford spinout Ceres AI is based in Silicon Valley.
About Remus Capital
Remus Capital is an early-stage venture capital firm founded out of MIT and focused on vertical AI companies.
Media Contact
Molly Donovan
mdonovan@remuscap.com
SOURCE: Remus Capital
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