MICROCAPITAL BRIEF: Global Index Insurance Facility (GIIF) Offers $270k in Prizes to Insurers in South, East Asia via Agriculture Insurtech Innovation Challenge DEADLINE EXTENDED

Through May 15 (formerly April 30), providers of technology services that support agriculture index insurance in South Asia and East Asia may apply for nine prizes of up to USD 50,000 each. Index insurance is a mechanism by which covered individuals are reimbursed for losses when weather or other conditions exceed pre-established limits, rather than based on individuals’ losses.

The competition is divided into the following themes: (1) data and analytics; (2) sales and distribution; and (3) premiums and claims. The winners will be selected after the finalists pitch their projects live to a panel of judges in June in Mumbai, India. The goal of the event is “improving the understanding of InsurTech [insurance technology], supporting the integration of different technology solutions with agriculture insurance, and applying innovation with actual programs on the ground.”

The competition is a project of the Global Index Insurance Facility (GIIF), which is managed by the World Bank Group. The funders of the facility include the EU and the governments of Japan and the Netherlands. It seeks to “develop effective and sustainable markets for agriculture insurance” to help “smallholder farmers and micro-entrepreneurs gain better access to finance, manage financial losses, and protect their livelihoods against more frequent and more severe weather events.” Over ten years, the facility has helped 23 million people in 30 countries access insurance.

The World Bank Group is a multilateral organization whose goal is “to end extreme poverty and promote shared prosperity in a sustainable way.” As of 2019, it has 189 member nations. The group encompasses: (1) the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which make up the World Bank; (2) the International Finance Corporation; (3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes. During the 12 months ending June 2018, the World Bank Group disbursed funds totaling USD 46 billion.

Sources and Additional Resources

Event website
https://events.bizzabo.com/agricultureinsuretech/home

GIIF homepage
https://www.indexinsuranceforum.org

World Bank Group homepage
http://worldbank.org

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