ILO’s Microinsurance Innovation Facility Grants

The ILO’s Microinsurance Innovation Facility is currently collaborating with more than 40 organizations that are engaged in action research efforts to test ways of providing better insurance coverage to low-income households. Some are providing health insurance, others life insurance; some products cover agricultural risks, others protect houses; some composite products cover a range of risks.

We collaborate with different types of organizations operating throughout the microinsurance supply chain, including those involved in sales and service at the front end, organizations that administer the policies and claims at the back end, as well as the risk carriers. Sometimes one organization performs all of these functions. Other times, we work with brokers in bringing the pieces of the supply chain together

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.
Original post by  http://www.ilo.org/public/english/employment/mifacility/activities/innovation.htm

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