The Micro insurance Innovation Facility housed at the International Labour Organization's (ILO) Social Finance Programme has launched a new call for proposals under the new Round 5 of its innovation grants programme.
Under this application window, the Facility expects to support three to five large grants, between US$100,000 and US$500,000, and four or five small grants (less than US$100,000).
The Facility seeks to promote micro insurance projects that utilize technology and process innovations to increase operational efficiency to protect large numbers of low-income households. The present call is sponsored by the Z Zurich Foundation and it has a focus on 'scale and efficiency.'
In Round 5, applicants that propose to use technology and other innovation to create operational efficiencies and/or allow organizations to server large number of poor households will be selected. The focus is not just technology, but also on process chances that can help in the efficient scaling up of operations.
The Facility prefers to support efforts to expand, improve or build on existing micro insurance programs. The Facility awards Innovation grants in order to help institutions develop new micro insurance 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?
- 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.
How to apply?
The ILO's Micro insurance Innovation Facility is pleased to announce its fifth call for proposals. Round 5 focuses on scale and efficiency and is the Facility's last call for proposals.
Please read first the Application guidelines and form - (pdf 1,69 MB) that explains the way to apply.
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