MEDIA RELEASE PR37490
Insurance Providers Get Support to Invest in Low Income Market
GENEVA, Dec. 9 /PRNewswire-AsiaNet/ --
- The ILO's Microinsurance Innovation Facility Calls Insurance
Providers to Apply for Innovation Grant
The ILO's Microinsurance Innovation Facility (
insurance providers to experiment with new products and develop strategic
partnerships to bring affordable insurance products to working poor in
developing countries.
'[Microinsurance] is a profitable market and we would love to invite as
many people as possible to try to make this market as competitive as
possible. Competition is going to be what is important to forming a real
market at the bottom of the pyramid,' says Brandon Mathews, Head of
Microinsurance, Zurich Financial Services
To overcome the challenges associated with health financing
for low-income households, the Facility proposes a special emphasis on health
microinsurance, but also welcomes projects focusing on high-impact products
and innovative distribution channels. Providers that have a great potential
to provide better insurance products but need their capacity to be
strengthened can also receive support including consulting services, training
and study tours.
'Studies highlight that low-income people are willing and able
to pay to protect their family or business, but they generally cannot access
affordable products that would meet their needs. On the supply side,
insurance providers often lack the know how to reach this market and need to
experiment to develop sustainable business models. The grants are there to
support those risk takers, cover their start up costs and harness lessons
learnt' says Craig Churchill, team leader of the ILO's Facility
Investing in microinsurance according the Facility's grantees
(http://www.ilo.org/public/english/employment/mifacility/grantees/index.htm)
added benefits to their regular business line including a diversified risk
portfolio, ability to serve new markets, enhanced reputation, and market
intelligence.
The deadline to submit proposals is 2 March 2010.
Read the complete press release (
Contact: Sarah Bel - phone: +41-22-799-67-86 -
microinsurancemedia@ilo.org
SOURCE: International Labour Office (ILO)
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