One of ICMIF’s partner organisations, the United Nations Development Programme (UNDP) has recently announced the launch of the Inclusive Insurance Navigator, a Guide to Designing Inclusive Insurance Products and Markets, which was developed by the UNDP’s Insurance & Risk Finance Facility (IRFF) team.
Jan Kellett, Head of the UNDP Insurance and Risk Finance Facility said: “In a context where there is a laudable focus on financing resilience right now in developing countries, the Navigator looks to the long-term picture.”
This comprehensive guide empowers national insurers with invaluable resources and knowledge to navigate the inclusive insurance landscape successfully. It offers an enhanced understanding of emerging trends; opportunities for market expansion; effective risk management strategies; and the ability to foster collaborations. By leveraging the power of the Navigator, insurers can drive sustainable growth; tap into new markets; and make a meaningful impact on society.
The Inclusive Insurance Navigator is a compass for national insurers, guiding them toward untapped markets and previously underserved populations. It equips insurers with the tools and insights necessary to adapt and tailor their offerings to the evolving needs of diverse customer segments. Furthermore, it fosters collaboration among insurers, governments, regulators, and microfinance institutions, creating an ecosystem that nurtures inclusive insurance. With access to cutting-edge technologies, best practices, and case studies, insurers are inspired to innovate and pioneer new approaches to meet the changing demands of customers.
The Inclusive Insurance Navigator, financed by Federal Ministry for Economic Cooperation and Development (BMZ) is the first of a series of guides that the UNDP team working on insurance and risk financing is developing to drive forward the role of risk transfer, risk financing and insurance as a critical part of sustained and sustainable development. Building on this foundation, future tools include: an upcoming diagnostic methodology which will further empower stakeholders, including insurers, development agencies, and governments, that are looking to enhance the role of insurance and risk finance in development; IRFF guidance for the integration of risk financing into public financial management and considerations of debt; and IRFF recommendations for applying risk transfer tools to fragile and conflict affected states.
With the Navigator and other forthcoming guidance tools, Jan Kellett believes stakeholders will have a holistic suite of resources at their disposal, enabling them to thrive in an increasingly dynamic insurance landscape. He said: “Join us in embracing the Inclusive Insurance Navigator and shape a future where the insurance industry is truly inclusive, innovative, and impactful, to drive sustainable growth, unlock new markets, and make a positive difference in the lives of millions.”
To learn more and download the Navigator, please click here.
