The MicroInsurance Centre, a for-profit initiative of the MicroSave technical assistance company, recently announced the launch of the Microinsurance Learning and Knowledge (MILK) Project, supported by a USD 2 million grant from the US-based Bill and Melinda Gates Foundation.
The project, which will span three years, will aim to collaborate with the Microinsurance Innovation Facility (MIF), an initiative of the International Labor Organization (ILO) Social Finance Program, to address the following: 1) Finding value in microinsurance for low-income clients and 2) The business case for microinsurance. A combined analysis by the MIF and MILK teams is expected in 2013.
By Medha Ravi, Research Associate
About MicroInsurance Centre:
Established in 2000 and based in the US, the Microinsurance Centre is a for-profit initiative of MicroSave, a technical assistance, training and technical resource center for microfinance in Africa. The Microinsurance Centre’s activities include research, product development, working groups support and the provision of training in microinsurance.
About MicroSave:
Established in Uganda with United Nations funding in 1998, MicroSave is a for-profit technical assistance, training and resource center. MicroSave’s headquarters was relocated to Lucknow, India, in 2006 with support from ICICI Bank. In 2008, MicroSave was transformed into a consulting company, which has since completed projects in Cameroon, Congo, Ethiopia, Ghana, Kenya, Malawi, Nigeria, South Africa, Tanzania, Uganda and Zambia.
About Bill and Melinda Gates Foundation:
Based in the US, the Bill & Melinda Gates Foundation provides grants to organizations in approximately 100 countries around the world with the aim of enhancing health care, reducing poverty and expanding educational opportunities and access to information technology. As of December 2009, its endowment totaled USD 34 billion. The Bill & Melinda Gates Foundation’s Financial Services for the Poor initiative focuses on providing people with secure methods for saving. To support this initiative, the foundation works with financial organizations to increase access to technology (point-of-sale devices, automated teller machines, etc.) and forge partnerships between mobile phone companies, banks and microfinance institutions. It also supports the startup and growth of new banks in challenging markets.
About Microinsurance Innovation Facility (MIF):
Launched in 2008 with a USD 34 million grant from the Bill & Melinda Gates Foundation, the Microinsurance Innovation Facility (MIF) is housed at the International Labour Organization’s (ILO’s) Social Finance Programme. MIF’s goal is to increase the availability of insurance for low-income families in developing countries to help them overcome poverty. MIF provides grants to help organizations develop innovative microinsurance products, with an emphasis on agriculture, health, life and property insurance. MIF also provides technical assistance and advice. ILO is an agency of the United Nations.
Source and Resources:
Microinsurance Network news article, “Microinsurance Centre launches the Microinsurance Learning and Knowledge (MILK) Project”, http://www.microinsurancenetwork.org/membernew-590.php?PHPSESSID=c2b10df85a52b1cc3de21da47b968158
MicroCapital.org story, November 15, 2010, “MICROCAPITAL BRIEF: Z Zurich Foundation Contributes $3m to International Labour Organization’s (ILO) Microinsurance Innovation Facility (MIF), Call for Proposals is Open”, https://www.microcapital.org/microcapital-brief-z-zurich-foundation-contributes-3m-to-international-labour-organization%E2%80%99s-ilo-microinsurance-innovation-facility-mif-call-for-proposals-is-open/
MicroCapital.org article, September 22, 2010, “MICROCAPITAL BRIEF: International Labor Organization (ILO) Microinsurance Innovation Facility Accepting Applications for Research Grants”, https://www.microcapital.org/microcapital-brief-international-labor-organization-ilo-micoinsurance-innovation-facility-accepting-applications-for-research-grants/
MicroCapital Microfinance Universe Profile: Microinsurance Centre, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+Microinsurance+Centre
MicroCapital Microfinance Universe Profile: MicroSave, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroSave
MicroCapital Microfinance Universe Profile: Bill and Melinda Gates Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bill+and+Melinda+Gates+Foundation
MicroCapital Microfinance Universe Profile: Microinsurance Innovation Facility (MIF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microinsurance+Innovation+Facility+%28MIF%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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