Source: International Labour Organization (ILO).
Original press release available here.
The International Labour Organization’s (ILO) Microinsurance Innovation Facility is pleased to announce the availability of the second round of innovation grants to stimulate new ideas and test innovative approaches to providing better insurance products to low-income households.
Organizations eligible for grants include risk carriers, delivery channels and other insurance industry actors. It is possible—even encouraged—for two or more eligible organizations to apply for a grant together. The Facility wants to work with strong organizations that have the capacity to undertake innovative initiatives.
Over the next five years, the Facility will issue 40 to 50 innovation grants for a total of USD 18 million. This is a very competitive process. In Round 1, ten grantees were selected from 127 applications. Approximately the same number will be selected in Round 2.
We are looking for a diverse portfolio of grantees with a focus on Africa, Asia and the Pacific, Latin America and the Caribbean, and the Middle East. Although these grants could support insurance for any type of risk, priority will be given to voluntary products for which there is a significant demand yet insufficient supply, such as health, agriculture, property and life nsurance.
Application forms and guidelines are available on the Facility’s new website:
www.ilo.org/microinsurance (replacing http://www.ilo.org/socialfinance). Applications must be submitted using the new on-line application template, which will be operational by 18 August. The deadline for submission is 17 September 2008. The third round of grant applications will be announced in January for submissions in early March 2009
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