25/03/2025
Do you have an innovative solution for vulnerable communities in ?
🎯
✔️Climate risk
✔ Digital innovation
✔ SME resilience
✔ Health insurance
Compete for $40K 🏆 + 🌍 recognition.
Deadline⏰ 10 April 2025
Details 👉 https://bit.ly/4jjVpoD
Call for applications - Inclusive Insurance Challenge Fund
March 25, 2025 - UNDP’s Insurance and Risk Finance Facility (IRFF) is launching an Inclusive Insurance Challenge Fund (IICF) Hackathon to support the private insurance sector in developing innovative insurance solutions that can improve the resilience of vulnerable communities, households and businesses.
The challenge aims to empower insurers, insure-techs, intermediaries, and other private sector players to implement and scale impactful insurance solutions that address the unmet needs of vulnerable populations.
UNDP is looking to provide support for insurance products that have reached the stage of:
1. Proof of concept of developed products: products that are developed within the existing regulatory framework, but not yet fully implemented, facilitating field-testing and deployment to validate their impact and operational feasibility.
2. Scaling up existing products: mature products or services that have already been developed and tested, enabling wider adoption and operational scaling.
Thematic Areas:
Proposed projects should focus on one or more of the following thematic areas:
Climate risk: Solutions addressing climate-related risks, such as droughts, floods, and extreme weather events.
Digital innovation: Leveraging digital platforms, mobile technologies, or AI to enhance accessibility, efficiency, and impact.
Nature and biodiversity: Products aimed at conserving natural resources and promoting biodiversity.
SME resilience: Products that can support SMEs become more resilient to financial losses from various risks.
Health insurance: Solutions that enhance health services and offer protection to vulnerable communities and ensuring equitable access to care.
What are we looking for Projects submitted for this challenge must meet the following criteria:
Sustainability: Demonstrate potential for financial, social, and environmental sustainability.
Scalability: Outline clear strategies for scaling the product to benefit larger populations or markets.
Inclusivity: Ensure that solutions are inclusive, targeting underserved or vulnerable communities.
Alignment with SDGs: Contribute to achieving the Sustainable Development Goals (SDGs), addressing critical development challenges.
Strong business case: Present a robust business case that justifies the viability and profitability of the solution.
Eligibility Criteria
Entities wishing to apply to the Challenge Fund need to meet the following eligibility criteria:
If the applicant is an individual institution, the entity should have the necessary licenses and permissions to sell and distribute insurance in Ethiopia. Partnering with other entities is encouraged.
If the applicant is not licensed to sell and distribute insurance, the applicant may partner with one or more entities that are registered and have all the necessary licenses and permissions to sell and distribute insurance in Ethiopia.
The challenge is for innovative inclusive insurance solutions that address the set development challenge and targets new and or underserved communities or regions.
The proposed project must have a potential for financial, social sustainability and scale-up.
Evaluation Criteria
Distribution and Reach
Evaluates the strength of distribution partnerships, size of the accessible customer base, and partner commitment. Prioritizes clear evidence, such as signed MOUs.
Feasibility
Assesses the presence of operational components like technology, enrolment, and claims management. Higher scores for solutions that are operational or near-ready.
Innovation
Measures the introduction of new themes, concepts, or technologies. Proposals with groundbreaking ideas or advanced technologies will receive higher ratings.
Capacity and expertise of the team
Focuses on the team's capacity, including senior leadership involvement, a dedicated project manager, and experience in similar programs. Strong track records are key.
Sustainability of the programme
Reviews the program's long-term viability, strategic alignment, resource allocation, and scalability potential. Highlights financial, social, and environmental sustainability.
Award package
The winners of this challenge will be supported by the UNDP to create new and/or enhance existing inclusive insurance solutions. Participants whose submissions meet the evaluation criteria will have the opportunity to:
The first-place winner will receive a prize of $40,000
Become part of a global insurance innovation community
Gain global visibility and recognition through UNDP’s channels
Access to UNDP’s partner network
Application Process
Shortlisted companies will be notified and invited to attend a virtual pre-hackathon session. This will be followed by a three-day in-person hackathon, where participants will work on developing and improving their products. On the final day, they will present their solutions to a panel of judges. Throughout the event, participants will receive expert guidance to refine and enhance their products, and the judges will select the winning team at the end of the hackathon.
The shortlisted applicants will be contacted with more information.
Note: shortlisted applicants will be asked to provide documentation such as proof of licenses and MOUs (if applicable).
Exclusions
***This challenge does not include support for feasibility studies or the development of new products from the ground up.
How to apply
Complete the Application https://bit.ly/41O49MB
Deadline: 10 April 2025
Queries? Read the FAQs below.
The inclusive insurance challenge fund is supported by the (Bundesministerium für wirtschaftliche Zusammenarbeit und Entwicklung (BMZ) )
