Spring 21 Capstone 640pm

WorldCover pairs long term remote weather data with the latest satellite technology, making complex actuarial calculations into simple policy term sheets.Our technology combines machine learning with agronomy, compares multiple data sources and forecasts to give you the most targeted and accurate insurance possible.

WorldCover CEO and co-founder Christopher Sheehan told Business Ghana: “WorldCover has uniquely combined technological advances and developed a solution that allows us to support smallholder farmers caught in conditions that are worsening due to climate change.

AgroCenta will use the funding to further develop its smallholder farmer inclusion programmes and procure crops at transparent and fair market prices to service offtake contracts. The startup’s chief executive officer (CEO) Francis Obirikorang and co-founder Michael Ocansey said the investment was vitally important.

Online Peer-to-Peer (P2P) lending platforms are becoming increasingly popular globally in recent years. Our knowledge of how to develop and manage the digital platforms that make P2P lending possible, however, is limited. Through an in-depth examination of the strategies deployed and actions taken across the various stages of development of Tuodao, one of the most successful online P2P lending platforms in China, the purpose of this study is to develop a process model of P2P Lending Platform Development to address this knowledge gap.

Based on its success thus far in Ghana, WorldCover expects that its model could expand to work across the entire developing world, where 500 million smallholder farming households feed 80% of the population. Ultimately, this approach could scale far beyond drought insurance, to provide protection against other risks.

WorldCover has uniquely combined technological advances and developed a solution that allows us to support smallholder farmers caught in conditions that are worsening due to climate change," said Christopher Sheehan, WorldCover CEO and co-founder. “With the rise of many insuretech startups around the world, we are excited about this successful round of Series A funding as it enables us to accelerate growth in existing markets while working towards expansion into new regions. This will allow us to fulfill our ultimate vision of making the world more resilient to climate change”.

SMARTEL Money, a local mobile money service provider says the market must embrace cashless transactions to limit the spread of Covid-19 through handling cash. The company’s My Wallet mobile money platform was introduced to the market in May 2019 following the licensing of the company as mobile money issuer by the Central Bank of Lesotho.

Shortcomings of Robo-Advisors The entry of robo-advisors has broken down some of the traditional barriers between the financial services world and average consumers. Because of these online platforms, sound financial planning is now accessible to everyone, not just high-net-worth individuals. Still, many in the industry have doubts about the viability of robos as a one-size-fits-all solution to wealth management. Given the relative nascency of their technological capabilities and minimal human presence, robo-advisors have been criticized for lacking in empathy and sophistication. They are good entry-level tools for people with small accounts and limited investment experience, namely millennials, but are far from sufficient for those who need advanced services like estate planning, complicated tax management, trust fund administration, and retirement planning. Automated services are also ill-equipped to deal with unexpected crises or extraordinary situations. For instance, if a young person's parents passed away and he/she receives an inheritance, going online to a robo-advisor to manage the money is probably not the optimal decision. In fact, a study conducted by Investopedia and the Financial Planning Association found that consumers prefer a combination of human and technological guidance, especially when times are rough. According to the report, 40% of participants said they would not be comfortable using an automated investing platform during extreme market volatility. Furthermore, robo-advisors operate on the assumption that clients have defined goals and a clear understanding of their financial circumstances, to begin with. For many, that is not the case. Answering questions like, "Is your risk tolerance low, moderate, or high?" presupposes the user has a fundamental knowledge of investment concepts and the real-life implications of each option they choose.

WorldCover is a socially conscious alternative to traditional investment avenues. Started in 2015 by Chris Sheehan and Shiliang Tang, they have focused on using finance as a “tool for good in the world,” to prove “that businesses with inherently positive social impact can also grow rapidly and create wealth for investors.”