The United Nations Development Programme’s (UNDP) Insurance and Risk Finance Facility (IRFF) is launching the Inclusive Insurance Challenge Fund (IICF) Hackathon, supported by the Federal Ministry for Economic Cooperation and Development (BMZ). This challenge dares insurers, insure-tech companies, intermediaries, and other private sector stakeholders to develop and scale insurance products that effectively address the unmet needs of vulnerable populations.
UNDP seeks to support insurance products that have reached the following stages
- Proof of Concept: Products developed within the existing regulatory framework, ready for field testing and deployment to validate impact and operational feasibility.
- Scaling Up: Mature products or services that have been tested and are ready for wider adoption and operational scaling.
Proposed projects must focus on one or more of the following thematic areas
- Climate Risk: Solutions addressing climate-related risks (droughts, floods, extreme weather).
- Digital Innovation: Leveraging digital platforms, mobile technologies, or AI.
- Nature and Biodiversity: Products promoting natural resource conservation and biodiversity.
- SME Resilience: Products supporting SMEs against financial losses.
- Health Insurance: Solutions enhancing health services and equitable access to care.
Projects must meet the following criteria
- Sustainability: Financial, social, and environmental sustainability.
- Scalability: Clear strategies for wider adoption.
- Inclusivity: Targeting underserved or vulnerable communities.
- SDG Alignment: Contribution to the Sustainable Development Goals.
- Strong Business Case: Demonstrated viability and profitability.
Eligibility Criteria
- Applicants must have necessary licenses to sell and distribute insurance in Ethiopia, or partner with licensed entities.
- Solutions must target new or underserved communities.
- Projects must demonstrate potential for financial and social sustainability and scalability.
Evaluation Criteria
- Distribution and Reach: Strength of partnerships and customer base.
- Feasibility: Operational readiness of the solution.
- Innovation: Novel themes, concepts, or technologies.
- Team Capacity and Expertise: Experience and track record.
- Program Sustainability: Long-term viability and scalability.
Award Package
- First-place winner: $40,000.
- Participation in a global insurance innovation community.
- Global visibility and recognition through UNDP channels.
- Access to UNDP’s partner network.
