[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.46,0:00:03.72,Default,,0000,0000,0000,,In Kenya, 1984 is known
Dialogue: 0,0:00:03.72,0:00:06.33,Default,,0000,0000,0000,,as the year of the cup,
Dialogue: 0,0:00:06.33,0:00:08.75,Default,,0000,0000,0000,,or the goro goro.
Dialogue: 0,0:00:08.75,0:00:11.67,Default,,0000,0000,0000,,The goro goro is a cup used to measure
Dialogue: 0,0:00:11.67,0:00:14.98,Default,,0000,0000,0000,,two kilograms of maize flower on the market,
Dialogue: 0,0:00:14.98,0:00:18.12,Default,,0000,0000,0000,,and the maize flower is used to make ugali,
Dialogue: 0,0:00:18.12,0:00:22.08,Default,,0000,0000,0000,,a polenta-like cake that is eaten\Ntogether with vegetables.
Dialogue: 0,0:00:22.08,0:00:24.39,Default,,0000,0000,0000,,Both the maize and the vegetables are grown
Dialogue: 0,0:00:24.39,0:00:26.52,Default,,0000,0000,0000,,on most Kenyan farms,
Dialogue: 0,0:00:26.52,0:00:28.79,Default,,0000,0000,0000,,which means that most families can feed themselves
Dialogue: 0,0:00:28.79,0:00:30.97,Default,,0000,0000,0000,,from their own farm.
Dialogue: 0,0:00:30.97,0:00:34.90,Default,,0000,0000,0000,,One goro goro can feed three meals
Dialogue: 0,0:00:34.90,0:00:36.88,Default,,0000,0000,0000,,for an average family,
Dialogue: 0,0:00:36.88,0:00:39.97,Default,,0000,0000,0000,,and in 1984, the whole harvest
Dialogue: 0,0:00:39.97,0:00:43.14,Default,,0000,0000,0000,,could fit in one goro goro.
Dialogue: 0,0:00:43.14,0:00:45.99,Default,,0000,0000,0000,,It was and still is one of the worst droughts
Dialogue: 0,0:00:45.99,0:00:48.64,Default,,0000,0000,0000,,in living memory.
Dialogue: 0,0:00:48.64,0:00:51.59,Default,,0000,0000,0000,,Now today, I insure farmers against droughts
Dialogue: 0,0:00:51.59,0:00:53.66,Default,,0000,0000,0000,,like those in the year of the cup,
Dialogue: 0,0:00:53.66,0:00:58.64,Default,,0000,0000,0000,,or to be more specific, I insure the rains.
Dialogue: 0,0:00:58.64,0:01:01.09,Default,,0000,0000,0000,,I come from a family of missionaries
Dialogue: 0,0:01:01.09,0:01:03.24,Default,,0000,0000,0000,,who built hospitals in Indonesia,
Dialogue: 0,0:01:03.24,0:01:05.52,Default,,0000,0000,0000,,and my father built a psychiatric hospital
Dialogue: 0,0:01:05.52,0:01:06.77,Default,,0000,0000,0000,,in Tanzania.
Dialogue: 0,0:01:06.77,0:01:09.88,Default,,0000,0000,0000,,This is me, age five, in front of that hospital.
Dialogue: 0,0:01:09.88,0:01:12.20,Default,,0000,0000,0000,,I don't think they thought I'd grow up
Dialogue: 0,0:01:12.20,0:01:15.16,Default,,0000,0000,0000,,to sell insurance. (Laughter)
Dialogue: 0,0:01:15.16,0:01:18.20,Default,,0000,0000,0000,,So let me tell you how that happened.
Dialogue: 0,0:01:18.20,0:01:19.92,Default,,0000,0000,0000,,In 2008, I was working
Dialogue: 0,0:01:19.92,0:01:22.20,Default,,0000,0000,0000,,for the Ministry of Agriculture of Rwanda,
Dialogue: 0,0:01:22.20,0:01:24.20,Default,,0000,0000,0000,,and my boss had just been promoted
Dialogue: 0,0:01:24.20,0:01:25.61,Default,,0000,0000,0000,,to become the minister.
Dialogue: 0,0:01:25.61,0:01:27.50,Default,,0000,0000,0000,,She launched an ambitious plan
Dialogue: 0,0:01:27.50,0:01:29.82,Default,,0000,0000,0000,,to start a green revolution in her country,
Dialogue: 0,0:01:29.82,0:01:31.44,Default,,0000,0000,0000,,and before we knew it, we were importing
Dialogue: 0,0:01:31.44,0:01:33.74,Default,,0000,0000,0000,,tons of fertilizer and seed
Dialogue: 0,0:01:33.74,0:01:36.46,Default,,0000,0000,0000,,and telling farmers how to apply that fertilizer
Dialogue: 0,0:01:36.46,0:01:37.100,Default,,0000,0000,0000,,and plant.
Dialogue: 0,0:01:37.100,0:01:39.89,Default,,0000,0000,0000,,A couple of weeks later,
Dialogue: 0,0:01:39.89,0:01:42.60,Default,,0000,0000,0000,,the International Monetary Fund visited us,
Dialogue: 0,0:01:42.60,0:01:44.13,Default,,0000,0000,0000,,and asked my minister,
Dialogue: 0,0:01:44.13,0:01:46.94,Default,,0000,0000,0000,,"Minister, it's great that you want to help farmers
Dialogue: 0,0:01:46.94,0:01:51.12,Default,,0000,0000,0000,,reach food security, but what if it doesn't rain?"
Dialogue: 0,0:01:51.12,0:01:53.27,Default,,0000,0000,0000,,My minister answered proudly
Dialogue: 0,0:01:53.27,0:01:55.28,Default,,0000,0000,0000,,and somewhat defiantly,
Dialogue: 0,0:01:55.28,0:01:59.87,Default,,0000,0000,0000,,"I am going to pray for rain."
Dialogue: 0,0:01:59.87,0:02:03.07,Default,,0000,0000,0000,,That ended the discussion.
Dialogue: 0,0:02:03.07,0:02:05.22,Default,,0000,0000,0000,,On the way back to the ministry in the car,
Dialogue: 0,0:02:05.22,0:02:07.31,Default,,0000,0000,0000,,she turned around to me and said,
Dialogue: 0,0:02:07.31,0:02:09.38,Default,,0000,0000,0000,,"Rose, you've always been interested in finance.
Dialogue: 0,0:02:09.38,0:02:12.52,Default,,0000,0000,0000,,Go find us some insurance."
Dialogue: 0,0:02:12.52,0:02:14.55,Default,,0000,0000,0000,,It's been six years since,
Dialogue: 0,0:02:14.55,0:02:16.54,Default,,0000,0000,0000,,and last year I was fortunate enough
Dialogue: 0,0:02:16.54,0:02:18.05,Default,,0000,0000,0000,,to be part of a team that insured
Dialogue: 0,0:02:18.05,0:02:21.95,Default,,0000,0000,0000,,over 185,000 farmers in Kenya and Rwanda
Dialogue: 0,0:02:21.95,0:02:23.89,Default,,0000,0000,0000,,against drought.
Dialogue: 0,0:02:23.89,0:02:25.97,Default,,0000,0000,0000,,They owned an average of half an acre
Dialogue: 0,0:02:25.97,0:02:29.42,Default,,0000,0000,0000,,and paid on average two Euros in premium.
Dialogue: 0,0:02:29.42,0:02:31.80,Default,,0000,0000,0000,,It's microinsurance.
Dialogue: 0,0:02:31.80,0:02:33.86,Default,,0000,0000,0000,,Now, traditional insurance doesn't work
Dialogue: 0,0:02:33.86,0:02:35.77,Default,,0000,0000,0000,,with two to three Euros of premium,
Dialogue: 0,0:02:35.77,0:02:38.68,Default,,0000,0000,0000,,because traditional insurance relies on farm visits.
Dialogue: 0,0:02:38.68,0:02:40.62,Default,,0000,0000,0000,,A farmer here in Germany would be visited
Dialogue: 0,0:02:40.62,0:02:43.10,Default,,0000,0000,0000,,for the start of the season, halfway through,
Dialogue: 0,0:02:43.10,0:02:45.59,Default,,0000,0000,0000,,and at the end, and again if there was a loss,
Dialogue: 0,0:02:45.59,0:02:48.100,Default,,0000,0000,0000,,to estimate the damages.
Dialogue: 0,0:02:48.100,0:02:52.13,Default,,0000,0000,0000,,For a small-scale farmer in the middle of Africa,
Dialogue: 0,0:02:52.13,0:02:53.96,Default,,0000,0000,0000,,the maths of doing those visits
Dialogue: 0,0:02:53.96,0:02:57.03,Default,,0000,0000,0000,,simply don't add up.
Dialogue: 0,0:02:57.03,0:03:00.87,Default,,0000,0000,0000,,So instead, we rely on technology and data.
Dialogue: 0,0:03:00.87,0:03:03.08,Default,,0000,0000,0000,,This satellite measures
Dialogue: 0,0:03:03.08,0:03:05.24,Default,,0000,0000,0000,,whether there were clouds or not,
Dialogue: 0,0:03:05.24,0:03:06.41,Default,,0000,0000,0000,,because think about it:
Dialogue: 0,0:03:06.41,0:03:11.11,Default,,0000,0000,0000,,If there are clouds, then you might have some rain,
Dialogue: 0,0:03:11.11,0:03:12.81,Default,,0000,0000,0000,,but if there are no clouds,
Dialogue: 0,0:03:12.81,0:03:15.66,Default,,0000,0000,0000,,then it's actually impossible for it to rain.
Dialogue: 0,0:03:15.66,0:03:17.94,Default,,0000,0000,0000,,These images show the onset of the rains
Dialogue: 0,0:03:17.94,0:03:19.79,Default,,0000,0000,0000,,this season in Kenya.
Dialogue: 0,0:03:19.79,0:03:21.83,Default,,0000,0000,0000,,You see that around March 6,
Dialogue: 0,0:03:21.83,0:03:24.94,Default,,0000,0000,0000,,the clouds move in and then disappear,
Dialogue: 0,0:03:24.94,0:03:26.96,Default,,0000,0000,0000,,and then around the March 11,
Dialogue: 0,0:03:26.96,0:03:30.21,Default,,0000,0000,0000,,the clouds really move in.
Dialogue: 0,0:03:30.21,0:03:33.14,Default,,0000,0000,0000,,That, and those clouds,
Dialogue: 0,0:03:33.14,0:03:36.03,Default,,0000,0000,0000,,were the onset of the rains this year.
Dialogue: 0,0:03:36.03,0:03:38.72,Default,,0000,0000,0000,,This satellite covers the whole of Africa
Dialogue: 0,0:03:38.72,0:03:41.63,Default,,0000,0000,0000,,and goes back as far as 1984,
Dialogue: 0,0:03:41.63,0:03:43.98,Default,,0000,0000,0000,,and that's important, because if you know
Dialogue: 0,0:03:43.98,0:03:46.42,Default,,0000,0000,0000,,how many times a place has had a drought
Dialogue: 0,0:03:46.42,0:03:48.37,Default,,0000,0000,0000,,in the last 30 years,
Dialogue: 0,0:03:48.37,0:03:50.20,Default,,0000,0000,0000,,you can make a pretty good estimate
Dialogue: 0,0:03:50.20,0:03:52.96,Default,,0000,0000,0000,,what the chances are of drought in the future,
Dialogue: 0,0:03:52.96,0:03:55.07,Default,,0000,0000,0000,,and that means that you can put a price tag
Dialogue: 0,0:03:55.07,0:03:57.76,Default,,0000,0000,0000,,on the risk of drought.
Dialogue: 0,0:03:57.76,0:04:00.16,Default,,0000,0000,0000,,The data alone isn't enough.
Dialogue: 0,0:04:00.16,0:04:02.64,Default,,0000,0000,0000,,We devise agronomic algorithms
Dialogue: 0,0:04:02.64,0:04:06.34,Default,,0000,0000,0000,,which tell us how much rainfall\Na crop needs and when.
Dialogue: 0,0:04:06.34,0:04:08.75,Default,,0000,0000,0000,,For example, for maize at planting,
Dialogue: 0,0:04:08.75,0:04:11.14,Default,,0000,0000,0000,,you need to have two days of rain
Dialogue: 0,0:04:11.14,0:04:13.00,Default,,0000,0000,0000,,for farmers to plant,
Dialogue: 0,0:04:13.00,0:04:15.19,Default,,0000,0000,0000,,and then it needs to rain once every two weeks
Dialogue: 0,0:04:15.19,0:04:17.67,Default,,0000,0000,0000,,for the crop to properly germinate.
Dialogue: 0,0:04:17.67,0:04:20.100,Default,,0000,0000,0000,,After that, you need rain every three weeks
Dialogue: 0,0:04:20.100,0:04:23.90,Default,,0000,0000,0000,,for the crop to form its leaves,
Dialogue: 0,0:04:23.90,0:04:26.67,Default,,0000,0000,0000,,whereas at flowering, you\Nneed it to rain more frequently,
Dialogue: 0,0:04:26.67,0:04:30.53,Default,,0000,0000,0000,,about once every 10 days\Nfor the crop to form its cob.
Dialogue: 0,0:04:30.53,0:04:32.03,Default,,0000,0000,0000,,At the end of the season,
Dialogue: 0,0:04:32.03,0:04:34.24,Default,,0000,0000,0000,,you actually don't want it to rain,
Dialogue: 0,0:04:34.24,0:04:37.80,Default,,0000,0000,0000,,because rains then can damage the crop.
Dialogue: 0,0:04:37.80,0:04:41.15,Default,,0000,0000,0000,,Devising such a cover is difficult,
Dialogue: 0,0:04:41.15,0:04:43.05,Default,,0000,0000,0000,,but it turned out the real challenge
Dialogue: 0,0:04:43.05,0:04:47.57,Default,,0000,0000,0000,,was selling insurance.
Dialogue: 0,0:04:47.57,0:04:50.06,Default,,0000,0000,0000,,We set ourselves a modest target
Dialogue: 0,0:04:50.06,0:04:54.06,Default,,0000,0000,0000,,of 500 farmers insured after our first season.
Dialogue: 0,0:04:54.06,0:04:56.63,Default,,0000,0000,0000,,After a couple of months' intense marketing,
Dialogue: 0,0:04:56.63,0:04:58.45,Default,,0000,0000,0000,,we had signed up the grand total
Dialogue: 0,0:04:58.45,0:05:02.11,Default,,0000,0000,0000,,of 185 farmers.
Dialogue: 0,0:05:02.11,0:05:05.03,Default,,0000,0000,0000,,I was disappointed and confounded.
Dialogue: 0,0:05:05.03,0:05:06.68,Default,,0000,0000,0000,,Everybody kept telling me that farmers
Dialogue: 0,0:05:06.68,0:05:09.27,Default,,0000,0000,0000,,wanted insurance,
Dialogue: 0,0:05:09.27,0:05:12.26,Default,,0000,0000,0000,,but our prime customers simply weren't buying.
Dialogue: 0,0:05:12.26,0:05:14.93,Default,,0000,0000,0000,,They were waiting to see what would happen,
Dialogue: 0,0:05:14.93,0:05:17.68,Default,,0000,0000,0000,,didn't trust insurance companies,
Dialogue: 0,0:05:17.68,0:05:19.96,Default,,0000,0000,0000,,or thought, "I've managed for so many years.
Dialogue: 0,0:05:19.96,0:05:23.72,Default,,0000,0000,0000,,Why would I buy insurance now?"
Dialogue: 0,0:05:23.72,0:05:26.10,Default,,0000,0000,0000,,Now many of you know microcredit,
Dialogue: 0,0:05:26.10,0:05:29.60,Default,,0000,0000,0000,,the method of providing small loans to poor people
Dialogue: 0,0:05:29.60,0:05:31.60,Default,,0000,0000,0000,,pioneered by Muhammad Yunus,
Dialogue: 0,0:05:31.60,0:05:33.12,Default,,0000,0000,0000,,who won the Nobel Peace Prize
Dialogue: 0,0:05:33.12,0:05:35.27,Default,,0000,0000,0000,,for his work with the Grameen Bank.
Dialogue: 0,0:05:35.27,0:05:37.75,Default,,0000,0000,0000,,Turns out, selling microcredit
Dialogue: 0,0:05:37.75,0:05:41.15,Default,,0000,0000,0000,,isn't the same as selling insurance.
Dialogue: 0,0:05:41.15,0:05:45.04,Default,,0000,0000,0000,,For credit, a farmer needs\Nto earn the trust of a bank,
Dialogue: 0,0:05:45.04,0:05:48.98,Default,,0000,0000,0000,,and if it succeeds, the bank will advance him money.
Dialogue: 0,0:05:48.98,0:05:51.09,Default,,0000,0000,0000,,That's an attractive proposition.
Dialogue: 0,0:05:51.09,0:05:54.34,Default,,0000,0000,0000,,For insurance, the farmer needs to trust
Dialogue: 0,0:05:54.34,0:05:55.88,Default,,0000,0000,0000,,the insurance company, and needs
Dialogue: 0,0:05:55.88,0:05:59.10,Default,,0000,0000,0000,,to advance the insurance company money.
Dialogue: 0,0:05:59.10,0:06:02.47,Default,,0000,0000,0000,,It's a very different value proposition.
Dialogue: 0,0:06:02.47,0:06:05.16,Default,,0000,0000,0000,,And so the uptick of insurance has been slow,
Dialogue: 0,0:06:05.16,0:06:07.74,Default,,0000,0000,0000,,with so far only 4.4 percent of Africans
Dialogue: 0,0:06:07.74,0:06:10.29,Default,,0000,0000,0000,,taking up insurance in 2012,
Dialogue: 0,0:06:10.29,0:06:12.28,Default,,0000,0000,0000,,and half of that number is in one country,
Dialogue: 0,0:06:12.28,0:06:14.32,Default,,0000,0000,0000,,South Africa.
Dialogue: 0,0:06:14.32,0:06:15.97,Default,,0000,0000,0000,,We tried for some years
Dialogue: 0,0:06:15.97,0:06:18.42,Default,,0000,0000,0000,,selling insurance directly to farmers,
Dialogue: 0,0:06:18.42,0:06:20.42,Default,,0000,0000,0000,,with very high marketing cost
Dialogue: 0,0:06:20.42,0:06:23.51,Default,,0000,0000,0000,,and very limited success.
Dialogue: 0,0:06:23.51,0:06:25.46,Default,,0000,0000,0000,,Then we realized that there were many organizations
Dialogue: 0,0:06:25.46,0:06:28.17,Default,,0000,0000,0000,,working with farmers:
Dialogue: 0,0:06:28.17,0:06:31.61,Default,,0000,0000,0000,,seed companies, microfinance institutions,
Dialogue: 0,0:06:31.61,0:06:33.55,Default,,0000,0000,0000,,mobile phone companies,
Dialogue: 0,0:06:33.55,0:06:34.87,Default,,0000,0000,0000,,government agencies.
Dialogue: 0,0:06:34.87,0:06:37.62,Default,,0000,0000,0000,,They were all providing loans to farmers,
Dialogue: 0,0:06:37.62,0:06:40.25,Default,,0000,0000,0000,,and often, just before they'd finalize the loan,
Dialogue: 0,0:06:40.25,0:06:42.35,Default,,0000,0000,0000,,the farmer would say,
Dialogue: 0,0:06:42.35,0:06:44.50,Default,,0000,0000,0000,,"But what if it doesn't rain?
Dialogue: 0,0:06:44.50,0:06:47.96,Default,,0000,0000,0000,,How do you expect me to repay my loan?"
Dialogue: 0,0:06:47.96,0:06:50.04,Default,,0000,0000,0000,,Many of these organizations
Dialogue: 0,0:06:50.04,0:06:51.66,Default,,0000,0000,0000,,were taking on the risk themselves,
Dialogue: 0,0:06:51.66,0:06:53.63,Default,,0000,0000,0000,,simply hoping that that year,
Dialogue: 0,0:06:53.63,0:06:55.99,Default,,0000,0000,0000,,the worst wouldn't happen.
Dialogue: 0,0:06:55.99,0:06:57.100,Default,,0000,0000,0000,,Most of the organizations, however,
Dialogue: 0,0:06:57.100,0:07:00.32,Default,,0000,0000,0000,,were limiting their growth in agriculture.
Dialogue: 0,0:07:00.32,0:07:02.99,Default,,0000,0000,0000,,They couldn't take on this kind of risk.
Dialogue: 0,0:07:02.99,0:07:06.71,Default,,0000,0000,0000,,These organizations became our customers,
Dialogue: 0,0:07:06.71,0:07:09.91,Default,,0000,0000,0000,,and when combining credit and insurance,
Dialogue: 0,0:07:09.91,0:07:12.63,Default,,0000,0000,0000,,interesting things can happen.
Dialogue: 0,0:07:12.63,0:07:16.02,Default,,0000,0000,0000,,Let me tell you one more story.
Dialogue: 0,0:07:16.02,0:07:19.87,Default,,0000,0000,0000,,At the start of February 2012 in western Kenya,
Dialogue: 0,0:07:19.87,0:07:22.87,Default,,0000,0000,0000,,the rains started, and they started early,
Dialogue: 0,0:07:22.87,0:07:25.94,Default,,0000,0000,0000,,and when rains start early, farmers are encouraged,
Dialogue: 0,0:07:25.94,0:07:29.51,Default,,0000,0000,0000,,because it usually means that\Nthe season is going to be good.
Dialogue: 0,0:07:29.51,0:07:32.26,Default,,0000,0000,0000,,So they took out loans and planted.
Dialogue: 0,0:07:32.26,0:07:33.75,Default,,0000,0000,0000,,For the next three weeks,
Dialogue: 0,0:07:33.75,0:07:36.06,Default,,0000,0000,0000,,there wasn't a single drop of rain,
Dialogue: 0,0:07:36.06,0:07:38.62,Default,,0000,0000,0000,,and the crops that had germinated so well
Dialogue: 0,0:07:38.62,0:07:41.94,Default,,0000,0000,0000,,shriveled and died.
Dialogue: 0,0:07:41.94,0:07:44.69,Default,,0000,0000,0000,,We'd insured the loans of a microfinance institution
Dialogue: 0,0:07:44.69,0:07:45.81,Default,,0000,0000,0000,,that had provided those loans
Dialogue: 0,0:07:45.81,0:07:49.36,Default,,0000,0000,0000,,to about 6,000 farmers in that area,
Dialogue: 0,0:07:49.36,0:07:50.65,Default,,0000,0000,0000,,and we called them up and said,
Dialogue: 0,0:07:50.65,0:07:52.35,Default,,0000,0000,0000,,"Look, we know about the drought.
Dialogue: 0,0:07:52.35,0:07:54.01,Default,,0000,0000,0000,,We've got you.
Dialogue: 0,0:07:54.01,0:07:58.33,Default,,0000,0000,0000,,We'll give you 200,000 Euros\Nat the end of the season."
Dialogue: 0,0:07:58.33,0:08:00.13,Default,,0000,0000,0000,,They said, "Wow, that's great,
Dialogue: 0,0:08:00.13,0:08:02.25,Default,,0000,0000,0000,,but that'll be late.
Dialogue: 0,0:08:02.25,0:08:04.44,Default,,0000,0000,0000,,Could you give us the money now?
Dialogue: 0,0:08:04.44,0:08:06.86,Default,,0000,0000,0000,,Then these farmers can still replant
Dialogue: 0,0:08:06.86,0:08:10.44,Default,,0000,0000,0000,,and can get a harvest this season."
Dialogue: 0,0:08:10.44,0:08:12.52,Default,,0000,0000,0000,,So we convinced our insurance partners,
Dialogue: 0,0:08:12.52,0:08:15.90,Default,,0000,0000,0000,,and later that April, these farmers replanted.
Dialogue: 0,0:08:15.90,0:08:18.69,Default,,0000,0000,0000,,We took the idea of replanting to a seed company
Dialogue: 0,0:08:18.69,0:08:20.80,Default,,0000,0000,0000,,and convinced them to price the cost of insurance
Dialogue: 0,0:08:20.80,0:08:22.94,Default,,0000,0000,0000,,into every bag of seed,
Dialogue: 0,0:08:22.94,0:08:24.92,Default,,0000,0000,0000,,and in every bag, we packed a card
Dialogue: 0,0:08:24.92,0:08:26.49,Default,,0000,0000,0000,,that had a number on it,
Dialogue: 0,0:08:26.49,0:08:28.48,Default,,0000,0000,0000,,and when the farmers would open the card,
Dialogue: 0,0:08:28.48,0:08:30.48,Default,,0000,0000,0000,,they'd text in that number,
Dialogue: 0,0:08:30.48,0:08:31.85,Default,,0000,0000,0000,,and that number would actually help us
Dialogue: 0,0:08:31.85,0:08:33.22,Default,,0000,0000,0000,,to locate the farmer
Dialogue: 0,0:08:33.22,0:08:36.35,Default,,0000,0000,0000,,and allocate them to a satellite pixel.
Dialogue: 0,0:08:36.35,0:08:38.89,Default,,0000,0000,0000,,A satellite would then measure the rainfall
Dialogue: 0,0:08:38.89,0:08:40.42,Default,,0000,0000,0000,,for the next three weeks,
Dialogue: 0,0:08:40.42,0:08:42.15,Default,,0000,0000,0000,,and if it didn't rain,
Dialogue: 0,0:08:42.15,0:08:45.56,Default,,0000,0000,0000,,we'd replace their seed.
Dialogue: 0,0:08:45.56,0:08:46.80,Default,,0000,0000,0000,,One of the first —
Dialogue: 0,0:08:46.80,0:08:52.02,Default,,0000,0000,0000,,(Applause) — Hold on, I'm not there!
Dialogue: 0,0:08:52.02,0:08:55.18,Default,,0000,0000,0000,,One of the first beneficiaries\Nof this replanting guarantee
Dialogue: 0,0:08:55.18,0:08:57.40,Default,,0000,0000,0000,,was Bosco Mwinyi.
Dialogue: 0,0:08:57.40,0:09:00.09,Default,,0000,0000,0000,,We visited his farm later that August,
Dialogue: 0,0:09:00.09,0:09:03.64,Default,,0000,0000,0000,,and I wish I could show you the smile on his face
Dialogue: 0,0:09:03.64,0:09:06.11,Default,,0000,0000,0000,,when he showed us his harvest,
Dialogue: 0,0:09:06.11,0:09:07.74,Default,,0000,0000,0000,,because it warmed my heart
Dialogue: 0,0:09:07.74,0:09:09.68,Default,,0000,0000,0000,,and it made me realize why selling insurance
Dialogue: 0,0:09:09.68,0:09:12.39,Default,,0000,0000,0000,,can be a good thing.
Dialogue: 0,0:09:12.39,0:09:13.94,Default,,0000,0000,0000,,But you know, he insisted
Dialogue: 0,0:09:13.94,0:09:16.89,Default,,0000,0000,0000,,that we get his whole harvest in the picture,
Dialogue: 0,0:09:16.89,0:09:20.75,Default,,0000,0000,0000,,so we had to zoom out a lot.
Dialogue: 0,0:09:20.75,0:09:23.98,Default,,0000,0000,0000,,Insurance secured his harvest that season,
Dialogue: 0,0:09:23.98,0:09:26.50,Default,,0000,0000,0000,,and I believe that today,
Dialogue: 0,0:09:26.50,0:09:29.68,Default,,0000,0000,0000,,we have all the tools to enable African farmers
Dialogue: 0,0:09:29.68,0:09:32.45,Default,,0000,0000,0000,,to take control of their own destiny.
Dialogue: 0,0:09:32.45,0:09:33.95,Default,,0000,0000,0000,,No more years of the cup.
Dialogue: 0,0:09:33.95,0:09:37.29,Default,,0000,0000,0000,,Instead, I am looking forward to, at least somehow,
Dialogue: 0,0:09:37.29,0:09:39.94,Default,,0000,0000,0000,,the year of the insurance,
Dialogue: 0,0:09:39.94,0:09:42.65,Default,,0000,0000,0000,,or the year of the great harvest.
Dialogue: 0,0:09:42.65,0:09:45.85,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:09:45.85,0:09:47.46,Default,,0000,0000,0000,,(Applause)