LocationsUNDP’s Insurance and Risk Finance Facility (IRFF) is launching an Inclusive Insurance Challenge Fund (IICF) Hackathon to support the private insurance sector in developing innovative insurance solutions that can improve the resilience of vulnerable communities, households and businesses.
The challenge aims to empower insurers, insure-techs, intermediaries, and other private sector players to implement and scale impactful insurance solutions that address the unmet needs of vulnerable populations.
UNDP is looking to provide support for insurance products that have reached the stage of:
1. Proof of concept of developed products: products that are developed within the existing regulatory framework, but not yet fully implemented, facilitating field-testing and deployment to validate their impact and operational feasibility.
2. Scaling up existing products: mature products or services that have already been developed and tested, enabling wider adoption and operational scaling.
Thematic Areas:
Proposed projects should focus on one or more of the following thematic areas:
Climate risk: Solutions addressing climate-related risks, such as droughts, floods, and extreme weather events.
Digital innovation: Leveraging digital platforms, mobile technologies, or AI to enhance accessibility, efficiency, and impact.
Nature and biodiversity: Products aimed at conserving natural resources and promoting biodiversity.
SME resilience: Products that can support SMEs become more resilient to financial losses from various risks.
Health insurance: Solutions that enhance health services and offer protection to vulnerable communities and ensuring equitable access to care.
What are we looking for Projects submitted for this challenge must meet the following criteria:
Sustainability: Demonstrate potential for financial, social, and environmental sustainability.
Scalability: Outline clear strategies for scaling the product to benefit larger populations or markets.
Inclusivity: Ensure that solutions are inclusive in nature, targeting underserved or vulnerable communities.
Alignment with SDGs: Contribute to the achievement of the Sustainable Development Goals (SDGs), addressing critical development challenges.
Strong business case: Present a robust business case that justifies the viability and profitability of the solution.
Eligibility Criteria
Entities wishing to apply to the Challenge Fund need to meet the following eligibility criteria:
If the applicant is an individual institution, the entity should have the necessary licenses and permissions to sell and distribute insurance in Ethiopia. Partnering with other entities is encouraged.
If the applicant is not licensed to sell and distribute insurance, the applicant may partner with one or more entities that are registered and have all the necessary licenses and permissions to sell and distribute insurance in Ethiopia.
The challenge is for innovative inclusive insurance solutions that address the set development challenge and targets new and or underserved communities or regions.
The proposed project must have a potential for financial, social sustainability and scale-up.
Evaluation Criteria
Distribution and Reach
Evaluates the strength of distribution partnerships, size of the accessible customer base, and partner commitment. Prioritizes clear evidence, such as signed MOUs.
Feasibility
Assesses the presence of operational components like technology, enrolment, and claims management. Higher scores for solutions that are operational or near-ready.
Innovation
Measures the introduction of new themes, concepts, or technologies. Proposals with groundbreaking ideas or advanced technologies will receive higher ratings.
Capacity and expertise of the team
Focuses on the team's capacity, including senior leadership involvement, a dedicated project manager, and experience in similar programs. Strong track records are key.
Sustainability of the programme
Reviews the program's long-term viability, strategic alignment, resource allocation, and scalability potential. Highlights financial, social, and environmental sustainability.
Award package
The winners of this challenge will be supported by the UNDP to create new and/or enhance existing inclusive insurance solutions. Participants whose submissions meet the evaluation criteria will have the opportunity to:
The first-place winner will receive a prize of $40,000
Become part of a global insurance innovation community
Gain global visibility and recognition through UNDP’s channels
Access to UNDP’s partner network
Application Process
Shortlisted companies will be notified and invited to attend a virtual pre-hackathon session. This will be followed by a three-day in-person hackathon, where participants will work on developing and improving their products. On the final day, they will present their solutions to a panel of judges. Throughout the event, participants will receive expert guidance to refine and enhance their products, and the judges will select the winning team at the end of the hackathon.
Shortlisted applicants will be contacted with more information.
Note: shortlisted applicants will be asked to provide documentation such as proof of licenses and MOUs (if applicable).
Exclusions
***This challenge does not include support for feasibility studies or the development of new products from the ground up.
How to apply
Complete the Application here.
Deadline: 10 April 2025
Queries? Read the FAQs below.
FAQs
What is the purpose of the Inclusive Insurance Challenge Fund (IICF) Hackathon?
The purpose of the IICF Hackathon is to support private sector players, including insurers, insure-techs, and intermediaries, in developing and scaling innovative insurance solutions that improve the resilience of vulnerable communities, households, and businesses. The challenge focuses on solutions that address unmet needs in areas such as climate risk, digital innovation, nature and biodiversity, SME resilience, and health insurance.
2. Who is eligible to apply for this challenge?
Eligible applicants include:
Individual institutions with the necessary licenses and permissions to sell and distribute insurance in Ethiopia.
Entities that are not licensed to sell insurance but partner with licensed institutions in Ethiopia.
Applicants must propose innovative inclusive insurance solutions that target underserved communities or regions and demonstrate potential for financial, social, and environmental sustainability.
3. Can non-insurance entities (e.g., tech companies, NGOs) apply?
Yes, non-insurance entities such as tech companies, NGOs, or other organizations can apply, but they must partner with at least one entity that is licensed to sell and distribute insurance in Ethiopia. The partnership should be formalized through agreements such as MOUs. Shortlisted applicants will be requested to submit the MoU’s.
4. What stages of product development are eligible for this challenge?
The challenge supports two stages of product development:
Proof of Concept or Developed Products: Products that are developed within the existing regulatory framework but not yet fully implemented, allowing for field-testing and validation.
Scaling Up Existing Products: Mature products or services that have already been developed and tested, enabling wider adoption and scaling.
Note: Feasibility studies or entirely new product development from scratch are not eligible.
5. What is the application process, and what documents are required?
The application process involves:
Completing the online application form here.
Submitting the application form by the deadline.
Shortlisted applicants will be invited to a virtual pre-hackathon session and a three- to four day in-person hackathon, in which they will be supported to test their products.
Note: shortlisted applicants will be asked to provide documentation such as proof of licenses and MOUs (if applicable).
6. What happens during the hackathon?
Refine and improve their proposed solutions with expert guidance.
Test their solutions.
Collaborate with other participants and mentors.
Present their final solutions to a panel of judges on the last day. The winning team will be selected based on their presentation and alignment with the challenge’s criteria.
7. What kind of support will UNDP provide beyond the prize money?
Beyond the $40,000 prize and technical assistance, UNDP will provide:
Global visibility: Promotion through UNDP’s communication channels.
Access to networks: Connections with UNDP’s global partners and stakeholders.
Inclusion in a global innovation community: Opportunities for knowledge sharing and collaboration with other innovators in the insurance sector.
