Canadian financial services co‑operative Co-operators is contributing $410,000 to the global Insurance Innovation Challenge (IIC).
Launched in March 2023, the IIC is a joint program from the International Cooperative and Mutual Insurance Federation Foundation (ICMIF Foundation) and the United Nations Development Programme (UNDP) Insurance & Risk Finance Facility. It has picked four socially responsible microinsurance programs to help scale.
The chosen projects – India’s National Insurance VimoSEWA Cooperative Ltd, Kenya’s CIC Insurance Group, Malawi’s Co‑operative Life Assurance Ltd, and Sri Lanka’s Sanasa Life Insurance Public Limited Company – will each receive US$100,000 through the program, which also provides technical assistance support from ICMIF members.
“It is with great pride that we announce the four remarkable projects selected as winners in the UNDP ICMIF Insurance Innovation Challenge,” said ICMIF chief executive designate Liz Green.
“This initiative not only demonstrates the power of partnerships but also highlights the pivotal role mutual and cooperative insurers play in fostering inclusive and affordable insurance solutions for underserved communities.”
Co-operators president & CEO and ICMIF chair Rob Wesseling said: “The cooperative model makes it possible to empower real change, and partnerships like this showcase the importance of cooperative collaboration on a global scale.
“Projects chosen for the IIC will address some of the biggest challenges facing low and middle-income communities, including health, well-being, gender equality, and sustainability. We are looking forward to seeing the impact that our project partners will have in delivering innovative, accessible, and inclusive insurance products for populations that need them most.”
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