The UNDP Insurance & Risk Finance Facility (IRFF) and the International Cooperative and Mutual Insurance Federation (ICMIF) Foundation are offering funds through the UNDP ICMIF Insurance Innovation Challenge (IIC) to help mutual and cooperative insurers scale up innovative, affordable and inclusive insurance products which specifically serve the needs of underserved households and/or micro, small and medium-sized enterprises (MSMEs), with a particular focus on women, in developing economies.
Rationale and Objective
The overarching objective of the IIC is to boost the financial resilience of under-served communities in developing economies through cooperative and mutual insurers, given their closeness to social and community organisations, and to contribute to the achievement of the Sustainable Development Goals (SDGs) notably:
- SDG 1 on No Poverty.
- SDG 2 on Zero Hunger.
- SDG 3 on Good Health & Well-being.
- SDG 5 on Gender Equality.
- SDG 8 on Decent Work and Economic Growth.
- SDG 10 on Reduced Inequalities.
- SDG 11 on Sustainable Cities and Communities.
The immediate objective of the IIC is to scale up existing inclusive insurance programmes, particularly those with a focus on women, innovation, sustainability and which have demonstrable impact on under-served communities
Funding & Duration Information
The IIC Selection Committee will award up to USD 100,000 per selected project. Applicants are expected to complement these funds with in-kind and/or financial co-funding of 50% for the project. The support period for the project must be completed within 24 months.
The award and co-funding shall be used by the awardee to fund the scaling up of an existing inclusive insurance programme. Typical costs that can be covered by the IIC may include, but are not limited to:
- Member education and training on insurance and risk reduction.
- Establishing new distribution channels.
- Salaries of full-time direct project staff on a phase-out basis.
- Travel costs, office supplies and other expenditures directly related to project implementation.
- Software, digital and technology infrastructure expenditures with a demonstrable efficiency and impact in scaling up the project.
What projects can be funded?
A project qualifies for funding if:
- The target beneficiaries are under served/ uninsured households or micro, small and medium-sized enterprises (MSMEs).
- The product is simple, easily accessible, and affordable.
- The product has been tested in the market and shows evidence that the initiative will become financially sustainable in the long term.
- It has been established for at least one year and demonstrates potential for scaling up.
- The project makes a demonstrable impact on the lives and livelihoods of the target population, particularly women, and builds community resilience.
- The project involves a degree of innovation in its approach.
- The support required for the initiative does not exceed two years (24 months).
- The funds requested do not exceed USD 100,000 over the two-year period.
An organisation qualifies if it meets the following criteria:
- Located in a country with Official Development Assistance (ODA) status. The organisation (and/or individuals of the organisation) are not on the United Nations (UN) Sanctions List or undertaking activity that violates UN sanctions.
- Registered as a cooperative/mutual or any other entity that follows the mutual structure and principles.
- Legally allowed to sell mutual/cooperative inclusive insurance or provide mutual aid type products to their membership.
- Operated for at least three years and shows sustained financial stability.
- The organisation will support the project beyond the funding period to attain financial sustainability.
For more information, visit The ICMIF Foundation.