Africa’s leading technology firm, Figorr has launched insurance product for cold-chain businesses across Africa.
The new insurance product would be powered by Figorr’s innovative real-time monitoring technology (MOTE), as this provides insurance partners with data to verify and validate claims while protecting businesses from losses in the cold chain sector.
Read also: Great Nigeria Insurance records N10.2bn gross premium
Cold chain are series of actions and equipment applied to maintain a product within a specified low-temperature range from harvest/production
This is coming with the focus of Figorr at ensuring continuity in creating an enabling business environment within the cold-chain industry, which will enhance the operations of businesses navigating that space by protecting them from the financial setbacks caused by unforeseen circumstances.
Speaking at the launch, Tega Iortim, managing director of Figorr, buttresses that the aim is to enhance visibility and provide insurance protection for cold-chain business owners and more importantly to expand their operations and create more value.
According to him “We cannot underestimate the impact of innovations in the industry and how it affects our growth. With this insurance, we are able to put some risk management strategies in place. We understand the business and the industry needs, our solutions are geared towards meeting the demands of the industry. It will have an immediate impact on visibility and growth in the long run”
According to the technology firm, partnerships have been established with the most reliable insurance players in Nigeria and Kenya to provide comprehensive cold-chain insurance for these perishable commodities during.
Furthermore, Figorr is keen on empowering the cold chain sector with visibility and has decided to launch a platform where cold-chain infrastructure owners (coldrooms/trucks owners) can lease out their facilities to potential users. This move will facilitate networking and collaboration between Figorr and cold chain players, owners, and key decision-makers, to enable them to explore new avenues for growth, improved services, and increased visibility.
The event was attended by key leaders and industry stakeholders such as Abayomi Oluremi-Judah, executive director ,Technical, Tangerine; Alexander Isong, president of Organization For Technology Advancement Of Cold Chain In West Africa (OTACCWA), and Stephanie Oluyide, manager of Private Sector Membership Platform, Africa Resource Center For Excellence In Supply Chain Management (ARC_ESM).
Read also: Tech-driven innovation is essential for inclusion in insurance sector CEOs
Figorr is a leading technology solutions provider that specializes in the monitoring of temperature, humidity, and location of products with a distinguished history of serving over 100+ clients across the continent tracking a portfolio of produce valued at over $600 million.
The organization recognizes the critical role of insurance in the viability of any business and the immediate impact it will bring to the cold chain sector.
