Call for UNDP Nigeria’s Insurance Innovation Challenge is open now!!!
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.
Objectives: The overarching objective of this challenge is to increase the pool of viable and innovative microinsurance insurance solutions available to underserved populations, consequently respondents are required to integrate gender-responsive and inclusive strategies in their proposals. This will also stimulate the development of inclusive and innovative insurance solutions that enhance financial resilience, particularly for financially underserved populations and livelihoods to withstand shocks across from climate, health and agricultural risks.
Focus Areas:
- 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.
- 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.
- 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.
- 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, insurrects, fintech’s, 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.
What they expect from you:
- A well‑ about articulated proposal describing: target population, risk exposure, product/innovation, revenue model, inclusion strategy (gender‑responsive, accessibility, etc.)and scalability plan
- Clear metrics of impact & affordability, Evidence or assumptions distribution, underwriting, risk management, claims handling
Benefits
- The top three winners will each receive a significant financial award of N30 million Naira.
- Winners will get dedicated expert support to help them refine, test, license and launch their insurance products in the market.
- All shortlisted innovators will be invited to a focused Bootcamp to sharpen their product design, business model, financial strategy and regulatory compliance.
- Association with the UNDP Nigeria and FSD Africa lends high credibility and validation to the innovators and their solutions.
- Participants gain support to navigate regulatory requirements and access the necessary channels to scale their products to underserved populations across Nigeria.
- Opportunities to connect with key stakeholders, industry leaders, investors, and regulators in the insurance and development sectors.
Eligibilities
- Must have a product/service/idea that serves underserved populations (low‑income, rural/peri‑urban, women, small farmers, small businesses)
- Must have a business model that is commercially viable or with a clear path to viability.
- Must have a capacity or a plan to integrate gender and inclusion into the product (e.g., women, persons with disability, marginalized groups).
- Must show a Willingness to partner with insurers, regulators, or other stakeholders in the insurance sector for practical rollout.
- Must have Duly registered status with CAC and be tax compliant under the Nigerian law.
Application Process
Apply online through the Apply Now link
Application Deadline: October 27, 2025 (2 Days Remaining)
Apply nowOfficial link
