MICROCAPITAL BRIEF: Z Zurich Foundation Contributes $3m to International Labour Organization’s (ILO) Microinsurance Innovation Facility (MIF), Call for Proposals is Open

Z Zurich Foundation, the charitable microinsurance arm of Zurich Financial Services, has contributed CHF 3 million (USD 3.08 million) to the Microinsurance Innovation Facility (MIF), an outfit within the International Labour Organization’s (ILO) Social Finance Programme, to promote research on using technology and process innovations to protect low-income households.

With this funding, MIF is calling for proposals for innovative microinsurance research projects. Selected proposals will receive grants ranging up to USD 500,000. Craig Churchill, Team Leader of MIF, argues that it is necessary for “providers to reconsider how products are structured, marketed, delivered, accessed and documented. [Microinsurance] requires significant efficiencies through simple products, procedures and non-traditional delivery channels and perhaps through front and back office technologies [1].”

By John Howard-Smith, Research Associate

About Z Zurich Foundation: The Z Zurich Foundation is a private foundation formed by the Zurich Financial Services Group. It provides grants for initiatives involving insurance for the poor. These grants support microinsurance research and education, as well as risk reduction itself. The foundation also provides relief to people affected by war, pandemics, or natural disasters. As of September 2010, Zurich Financial Services had USD 374 billion in assets, return on assets (ROA) of 3.2 percent and return on equity (ROE) of 10.7 percent. Financial information for Z Zurich Foundation is unavailable.

About Microinsurance Innovation Facility: 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.

[1] International Labour Organization Press Release: “ILO Microinsurance Innovation Facility’s New Round of Innovation Grants Focuses on “Scale and Efficiency”, http://www.ilo.org/public/english/employment/mifacility/media/press/scale_eff.htm

MicroCapital.org article, September 22, 2010: https://www.microcapital.org/microcapital-brief-international-labor-organization-ilo-micoinsurance-innovation-facility-accepting-applications-for-research-grants/

Learn about applying for the current round of grants: http://www.ilo.org/public/english/employment/mifacility/download/round5_en.pdf

MicroCapital’s Microfinance Universe profile: Z Zurich Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Z+Zurich+Foundation

MicroCapital’s Microfinance Universe profile: Microinsurance Innovation Facility, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microinsurance+Innovation+Facility+(MIF)

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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