Call for Applications: Inclusive Insurance Challenge Fund (Ethiopia)

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:

• 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.
• Scaling up existing products: mature products or services that have already been developed and tested, enabling wider adoption and operational scaling.

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.

Funding Information

• The first-place winner will receive a prize of $40,000.

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.

Selection 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 in nature, targeting underserved or vulnerable communities.
• Alignment with SDGs: Contribute to the achievement of 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.

Evaluation Criteria

• 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.

For more information, visit UNDP.