Features
Key Insights from the Microinsurance Network June Member Meeting: Day 3
In our final summary from the Microinsurance Network's (MiN) June Member Meeting, Day 3 highlighted key challenges and solutions for expanding inclusive insurance in underserved communities. Key barriers identified included distrust, lack of relevant data, and financial viability concerns. Effective industry collaboration, especially through public-private partnerships, emerged as a crucial strategy, demonstrated by successful initiatives like Luxembourg's inclusive finance ecosystem. Discussions also emphasised integrating climate resilience into broader risk management and leveraging financial instruments at various levels. The importance of innovation, timely claims payments, and proactive global advocacy for the sector was underscored, with case studies showcasing impactful partnerships and stressing the need for continued cooperation across public, private, and community sectors. The meeting concluded with calls for ongoing collaboration and highlighted upcoming events like ICII in Kathmandu.
By invitation: Simon Schwall explains why innovative partnerships are key to growth
In this interview, Simon Schwall, co-founder and CEO of OKO, discusses the crucial role of innovative partnerships in expanding crop insurance for smallholder farmers in Sub-Saharan Africa. OKO's collaboration with microfinance institutions, such as VisionFund Mali, has successfully bundled crop insurance with agricultural loans, making insurance accessible to farmers. OKO also introduced a product allowing diasporas to purchase insurance for relatives back home, leveraging international remittances as a payment channel. Schwall emphasises the importance of technology in streamlining insurance processes and tailoring products, while highlighting the need for human interaction and innovative business models to build trust among farmers. As part of Luxembourg's inclusive finance ecosystem, OKO benefits from a supportive environment and strategic partnerships that advance its mission of improving farmer resilience.
Meet our new institutional members
AFC Insurance Company | Zimbabwe
AFC Insurance Company Private Limited, a subsidiary of AFC Holdings, was established on April 12, 2021, with the mission to revolutionise Zimbabwe’s agricultural sector by offering climate-proofing insurance solutions across the value chain. As part of the government’s vision for a prosperous, inclusive, and competitive agricultural industry by 2030, AFC Insurance plays a pivotal role in supporting this transformation. AFC Holdings consists of four companies: AFC Insurance Company, AFC Commercial Bank, AFC Land and Development Bank, and AFC Leasing. With a commitment to competitive pricing, innovation, and professional service, AFC Insurance aims to be a leading provider of insurance and risk management solutions in Zimbabwe and beyond.
National Bank of Rwanda | Rwanda
The National Bank of Rwanda is the central bank of Rwanda, founded in 1964 with a mandate to ensure price stability and maintain a sound financial system. Headquartered in Kigali, the bank envisions becoming a world-class central bank. Its core values are integrity, accountability, mutual respect, teamwork, efficiency, and effectiveness. The bank actively promotes financial inclusion policies and is a leading member of the Alliance for Financial Inclusion. It was also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration at the 2011 Global Policy Forum in Mexico.
Pensions and Insurance Authority (PIA) | Zambia
The Pensions and Insurance Authority (PIA) is the regulatory and supervisory body for Zambia's pensions and insurance sectors, operating under the Ministry of Finance and National Planning. Established under the Pension Scheme Regulation Act No. 28 of 1996 and the Insurance Act No. 27 of 1997, the PIA is tasked with ensuring the protection of pension scheme members and insurance policyholders. Governed by a board appointed by the Minister of Finance, the PIA aims to be a model regulator. Its mission is to promote the development of these industries with values of integrity, collaboration, professionalism, innovation, and accountability.
MiN, Members & Partners: Upcoming Events
- Fasecolda | Convención Internacional de Seguros (International Insurance Convention) | Cartagena, Colombia | 25-27 de septiembre | Regístrese aquí (Register here)
- Rural Inclusion | Reducing Mobile Money Fraud in Africa Webinar | 10 October 2024 from 14:30 CEST | Register now
- International Conference on Inclusive Insurance 2024 (ICII 2024) | 21-25 October 2024 | Kathmandu, Nepal | Register before 1 October and save on registration fees
- Register for the ICII 2024 Field Trip (separate registration required) | 25 October 2024
Recap past events:
MiN, Members & Partners: News, Blogs & Resources
- African Risk Capacity Limited | Closing the insurance gap and continuous improvement are critical in addressing Africa’s increasing climate impacts
- Democrance CEO and MiN Board Member, Michele Grosso, has been selected as a finalist in the “Young Leader of the Year” category at the 11th Middle East Insurance Industry Awards
- EFU Life launches Aasaan Product Range
- ILO’s Impact Insurance Academy | 30 September - 4 October 2024 | Application deadline - 20 September 2024
- The World Bank | Why inclusive finance must be central to the climate response
Jobs, Internships & RFPs
- ADA | Head of Programmes – Agricultural Value Chains & Impact Investing (CDI) (French) | Apply by 22 September
- ADA | 2 Chargé(e)s de suivi-évaluation et gestion des connaissances (MEAL) | Postulez avant le 13 octobre
- LeapFrog Investments | Intern - Associate, Climate Sector Research | Mumbai, Maharashtra | Apply here
- MIC Global | Manager - Tax & Compliance | Bangalore, India | Apply here
- VisionFund International | Insurance Business Development Director | Apply here
Elsewhere in the sector…
- Enhancement of formal sector works for inclusive insurance
- Expanding microinsurance: Strengthening the safety net for Ghana’s informal workforce
- MicroInsurance Innovation Hub | Micro-Insurance Uptake in India: From Regulatory-driven Growth to Sustainable, Technology-Driven Expansion
- Microinsurance is gaining ground in the Philippines
- Microinsurance sold in 7-Eleven stores ideal to grow Asia protection market