How Artificial Intelligence Could Democratize Financial Services In Asia // Forbes Asia
Microfinance has been widely recognized as an important strategy for lifting people out of poverty. Rather than throwing money at people’s problems, so to speak, you give them a loan so they can build a business, generate income, create stability for their families. But the solution doesn’t end there. In entrepreneur Ayesha Khanna’s view, microfinance is only part of the equation. She believes microinsurance must go hand-in-hand with microfinance, and she sees artificial intelligence as the catalyst for both in the emerging markets of Asia.
Khanna and her team at ADDO AI, the Singapore-based company of which she is co-founder and CEO, are testing that theory with Nikka, a microinsurance-as-a-service platform that recently launched in pilot form near Lahore, Pakistan. After months of collecting historical information about crop yields and climate patterns, ADDO AI has begun working with a group of farmers outside the city to track crop performance in real-time. Using historical and current data, Nikka will generate recommendations for how farmers can optimize their yields.