Asia Affinity Holding (Hong Kong) is a company focused on providing innovation in insurance for people who are most at risk. With the communities it works with at the core of its business, Asia Affinity focuses on the underserved to create change in the industry, and aid in increasing financial literacy. Its model is built around a combination of the communities it is building, the empowerment it is giving and the protection it delivers. However, this is only possible through the technical and technology infrastructure. It has developed products that combine technology and insurance to better protect those in need, providing them with financial education and risk management tools.
One of the main focuses for the company is ocean-based communities. The ocean supports over a billion people and the seaweed industry in particular, which Asia Affinity focuses on, is one of the most valuable commodities today. Tropical seaweed in Indonesia is used in food preservatives, pharmaceuticals and cosmetics, and seaweed is also the world’s largest absorber of carbon. Asia Affinity mapped the value chain and created a report and problem statement. Through this process, it created two main businesses, the MariOceans initiative and Sea Green, an ecosystem platform.
MariOceans is Indonesia’s newest cooperative and it grows seaweed with artisanal farmers, providing a way of teaching farmers how to farm better. It is currently piloting its first phase with around 50 to 80 farmers and the project will be scaled to 500 at the next stage. The cooperative framework was critical for the success of this programme, as it allows the farmers to share in their own growth and profits.
The key to Asia Affinity’s platform is the ecosystem, SeaGreen, which tracks and traces every stage of the value chain, every change of state and change in ownership, allowing the farmers to retain ownership of the seaweed until it has been paid for, preventing control being taken by a middleman. The platform fosters transparency and traceability, making seaweed financeable and providing buyers with information about the product’s origin, harvest readiness, and quality. Governments can also monitor water quality and implement protective measures based on the platform’s data.
Asia Affinity integrated a DRR strategy into its core model after a devastating typhoon hit Indonesia’s seaweed farms in 2021, affecting 130 farms. To mitigate such losses, Asia Affinity devised a solution by providing seed stock to farmers that they could replant immediately after a typhoon, enabling them to resume earning revenue within six weeks. By shifting from a reactive approach to a mitigative one, Asia Affinity effectively reduces the impact of disasters on these communities.
Digital education is a key element woven throughout Asia Affinity’s strategies. The company invested in an AI blockchain platform that offers tailored learning experiences, enabling farmers to access valuable knowledge about farming techniques, health, disaster risk reduction, and more. The platform’s data-driven insights facilitate continuous learning and improvement within the communities.
Asia Affinity is committed to sharing its proof of concepts and invites other insurers to collaborate, ensuring that no one is left behind in the quest for more resilient and sustainable communities.
