The World Bank Group, through the Global Index Insurance Facility (GIIF), helps smallholder farmers and micro-entrepreneurs gain better access to finance, manage financial losses, and protect their livelihoods against more frequent and more severe weather events. With an objective to develop effective and sustainable markets for agriculture insurance, GIIF, since 2009, has facilitated more than 4.6 million contracts, covering over 23 million beneficiaries and $730 million in agricultural investments insured in more than 30 developing countries.
However, the potential of agriculture and index-based insurance is greatly restricted by many challenges faced throughout the product lifecycle – from product design to client delivery to claim processing:

Insuretech, at the intersection of insurance and technology, holds the potential to overcome those challenges and transform the insurance landscape. Integrating Insuretech innovations with agriculture insurance promises to enhance product design, improve sales and distribution, facilitate premium collection, and optimize servicing and claims processing.

ABOUT THE CHALLENGE:

To leverage innovative solutions, GIIF is organizing an agriculture Insuretech innovation challenge/competition as a part of an Insuretech fair, to be hosted in Mumbai, India in June 2019. Through this innovation fair, the GIIF aims at improving the understanding of Insuretech, supporting the integration of different technology solutions with agriculture insurance, and applying innovation with actual programs on the ground.

WHO CAN APPLY:

Technology-led enterprises in South and East Asia across different stages of maturity (prototype, pilot, growth), offering solutions to the challenges faced in the development of agriculture insurance and index insurance. If you are working on technology solutions that can help the development of agriculture insurance and index insurance, this challenge/competition is for you and we would like to know more about your innovation. Even if you have not yet focused on applying your innovation to facilitating uptake of insurance for the agriculture sector, but see an opportunity of tailoring your solution/innovation to do so, you can still apply.

Applicants can apply under three thematic areas which the application template will mention:

APPLICATION DEADLINE: APRIL 30, 2019

TO APPLY AND KNOW MORE: bit.ly/insuretechchallenge