GENEVA (ILO News) – The International Labour Office (ILO) has announced the availability of grants from its new “Microinsurance Innovation Facility” aimed at producing new ideas and innovative approaches for insurance products for low-income people.
Over the next five years, the project will issue 40 to 50 innovation grants for a total of USD 18 million. In this round, the ILO expects to issue 7 to 12 grants for one to three years. The grants are open to various types of organizations, including risk carriers, delivery channels and suppliers to the insurance industry.
“The Microinsurance Innovation Facility’s primary objective is to learn how to provide better insurance coverage to more low-income people, develop an insurance culture among the poor and understand the extent to which the working poor can benefit from insurance as a risk management tool”, says Craig Churchill, from the ILO’s Social Finance Programme.
The Microinsurance Innovation Facility is a partnership between the ILO and the Bill & Melinda Gates Foundation aimed at promoting decent work for millions of the poor in developing countries.
For more information about the grants and the application process, please visit:
http://www.ilo.org/public/english/employment/finance/grants.htm
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