Stimulating Innovation and Impact Insurance in Africa

This project is a partnership between ILO’s Impact Insurance Facility (the Facility) and Agence Française de Développement (AFD) to design and deliver risk management solutions through public-private partnerships to benefit small enterprises and low-income households. Besides testing new products, processes and business models, the project will also build the capacity of public sector agencies and private players. From 2015 to 2019, AFD and the ILO supported seven insurers and distribution channels in sub-Saharan Africa through a systematic innovation management process to design new products, reengineer processes, create technology solutions, and structure internal units to serve the low-income market better. Together, these partners reached nearly 1 million clients during the project engagement period with new products and benefited over 12 million people with technology solutions. This project will build on the success of the first collaboration. Together, AFD and the ILO will partner with four to five public-private partnerships (PPPs) to develop solutions that achieve social and development impact. We estimate that together these partners will enable 800,000 people to benefit from better risk management solutions. The project will promote learnings on impact insurance, innovation and PPPs. Lessons learned through this collaboration will be widely disseminated to highlight approaches in which better risk management solutions through PPPs can make meaningful contributions to the Sustainable Development Goals.

Project symbol

RAF/20/02/FRA

Admin unit

SOCIAL FINANCE

Start date

30/04/2021

End date

31/07/2025

Total allocation

2741472

Total expenditure

Status

Closed

2552579

Development Partners

France, Agence Française de Développement

Country/Countries

Africa - regional

Outcomes

Output 9.1. Improved coherence in multilateral support for the development and financing of integrated policy responses for social justice through decent work