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Insurance innovation involves venturing into uncharted territory and taking risks in order to create benefits for the consumers, such as creating new mechanisms for premium collection, testing new ways of verifying claims, using technology to improve efficiency and experimenting with ways to educate consumers.
The Facility awards Innovation grants in order to help institutions develop new microinsurance products and models by covering their start-up costs and some of the losses likely to be incurred during the project.
Projects can be new or already underway, but should be viable at the end of the grant period (max. 3 years) because either they have become self-sustaining or they can draw on other resources.
Who can apply for innovation grants?
Organizations eligible for grants include:
- Risk carriers
- Delivery channels
- Suppliers to the insurance industry
The Facility aims to support collaborations between different types of entities across the developing world, with a focus on Africa, Asia and the Pacific, Latin America, the Caribbean and the Middle East. Priority is given to voluntary products for which there is a significant demand yet insufficient supply, including health, agriculture, property, and accumulating value life or disability products.
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