Over the past decade, agricultural insurance has evolved from an experimental concept in low-income markets to a tool for strengthening farmer resilience and food security. Early pilots, advisory support, and collaboration across public and private actors paved the way for insurtech companies to operate at scale.

Pula’s journey illustrates how innovation, technical assistance, and long-term partnerships can transform pilots into integrated systems supporting millions of smallholder farmers.

Laying the Foundations: Building the Market

In Kenya, Kilimo Salama, an index-based microinsurance product, emerged in collaboration with insurers, agribusinesses, and mobile operators. Supported by GIIF, the initiative combined technical assistance, product design, and capacity building to deliver affordable insurance using weather data and mobile technology.

The pilot demonstrated that insurance bundled with inputs, credit, or extension services could reduce risk, encourage investment, and improve farmer confidence. Kilimo Salama evolved into ACRE Africa, showing that advisory-supported pilots could become commercially viable.

Pula: Scaling Innovation Through Collaboration

Founded in 2015, Pula focused on designing insurance products embedded in agricultural programs, working alongside insurers, governments, agribusinesses, and financial institutions.

“One of the key challenges in this business model is operational scalability, which often requires a physical human presence in the field. Pula’s ability to recruit and train agents from the local population and automate processes where possible has enabled it to better connect with communities and build trust, a powerful foundation that also opens doors to cross selling other insurance products to previously underserved markets.”—Zeeshan Vazeer, Global Head, Insurtech, Asia Lead, Insurance, FIG

This strategy strengthens community trust and enables Pula to extend its reach across rural areas.

This ecosystem-based approach aligns with lessons from earlier GIIF-supported initiatives: insurance works best when integrated, trusted, and easy to access. Pula has collaborated with established players such as ACRE Africa and other local key stakeholders, contributing technology, data-driven product design, and operational capacity to scale delivery.

GIIF’s Advisory Role and Investment Trajectory

GIIF supports local insurance capacity through advisory services, technical training, and product innovation.

Florence Boupda Ngueda, Global Sector Manager, Banking, Housing Finance, and Insurance, IFC: “Advisory and investment services contribute to building the sector by developing strong portfolios, strengthening pricing and product design, and improving operational systems, which help unlock future investment opportunities.”

This advisory support was essential in Pula’s early stages, helping nurture the idea, build credibility, and prepare the company for investment. In 2024, IFC participated in Pula’s Series B financing, reflecting a long-term pathway from advisory guidance to capital deployment.

Delivering Impact at Scale

Insurance’s value is most evident during crises. In Zambia, severe drought triggered one of the continent’s largest agricultural insurance payouts, supporting hundreds of thousands of farmers. Pula also integrates training on climate-smart agriculture and risk management, reinforcing the link between insurance, productivity, and long-term resilience.

Smallholder Farmer, Esther Mumbi: Securing Livelihoods Through Agricultural Insurance

Pula’s story is part of a longer process where pilots evolve into platforms, advisory support builds capacity, and partnerships enable scale. The company aims to insure 100 million farmers by 2030, providing the financial tools needed to invest in farms, increase productivity, and withstand climate shocks as highlighted in Pula’s Impact Spotlight: 10 Year Anniversary Edition.

For GIIF, this journey underscores a core lesson: systemic change in agricultural insurance requires patience, collaboration, and continuity. By working alongside insurers, insurtechs, governments, and investors at different stages of readiness, it is possible to build markets that deliver lasting impact for smallholder farmers facing an uncertain climate.

For a deeper dive into how these innovations are changing lives on the ground, read the full blog: Protecting Farmers, Protecting Food: Insuring the Harvest in Kenya by Daphna Berman.