Building quality at scale (2014-2018)
The ILO’s Impact Insurance Facility enables the insurance sector, governments, and their partners to realise the potential of insurance for social and economic development. It does so through three primary sets of activities:
1. Market Development
Despite its potential, insurance is still not accessible to majority of low income households. Inclusive insurance markets are developing rapidly in some countries but outreach in many other developing countries remains meagre. The Market Development initiative aims to accelerate the development of inclusive insurance markets in selected countries in partnership with governments, insurers and other stakeholders.
2. Capacity Building
The Capacity Building initiative aims to develop the skills of providers, distributors and other key players in providing impactful and sustainable insurance offering. Leveraging its wealth of knowledge from its years of supporting microinsurance operations and new lessons channelled from its research and innovation, as well as market development work, the Facility will continue to convert lessons into useful tools in the form of training courses and mentoring programs, among others, that can help improve insurance practice.
3. Research & Innovation
The Research & Innovation initiative aims to support improved practice by partnering with leading practitioners to design, evaluate and share “game changing” solutions within five focus areas: health insurance, agriculture insurance, alternative distribution, mobile services and bundling with financial services.
Through these activities, the ILO will directly and indirectly reduce the vulnerability of more than 100 million low-income persons over the next five years. The estimated budget for this “Quality at Scale” programme is US$25 million. We are currently looking to diversify our funding sources for this ambitious next phase.