UNDP Nigeria Inclusive Insurance Innovation Challenge

UNDP Nigeria and FSD Africa are collaborating to launch the Inclusive Insurance Innovation Challenge aimed at accelerating the development of insurance solutions that address the unique needs of financially underserved populations in Nigeria. UNDP Nigeria brings deep-rooted expertise in sustainable development, policy advocacy, and inclusive growth, with a strong mandate to strengthen resilience among vulnerable communities. The Insurance Innovation Challenge Fund (IICF) is an Insurance and Risk Finance Facility (IRFF) initiative that promotes innovative insurance solutions in developing countries including Nigeria. This innovative tool will be used to surface innovative insurance models and solutions that are accessible, affordable and scalable. 

Focus Areas:

1. Climate Risk Insurance for Farmers: Innovative insurance solutions that help smallholder farmers manage risks associated with climate change, such as floods and droughts, including parametric products to safeguard crops, livestock, and agricultural livelihoods.
2. Health Insurance: Affordable and accessible health coverage tailored to underserved rural and peri-urban populations, reducing out-of-pocket medical expenses and enhancing household resilience.
3. MSME Resilience Insurance: Tailored and sustainable insurance products designed for micro, small, and medium-sized enterprises, enabling them to better manage operational shocks and strengthen long-term business continuity.
4. Gender Integration: All solutions and applications are highly encouraged to adopt a gender lens by including models that intentionally address the protection gaps faced by women, ensuring equitable access, participation, and benefits, while also promoting their empowerment and economic resilience.

Who should apply:
Innovators, startups, insurtechs, fintechs, insurance companies or community‑based organizations with;

• A product/service/idea that serves underserved populations (low‑income, rural/peri‑urban, women, small farmers, small businesses)
• A business model that is commercially viable or with a clear path to viability
• A capacity or a plan to integrate gender and inclusion into the product (women, persons with disability, marginalized groups)
• Willingness to partner with insurers, regulators, or other stakeholders in the insurance sector for practical rollout
• Duly registered status with CAC and tax compliant under the Nigerian law.