Public-private partnership

ILO’s Impact Insurance Facility and Financial Sector Deepening Africa (FSDA) partner to change management for better impact insurance

Partnership will support insurers to provide valuable and scalable insurance solutions to low-income households and SMEs in Sub-Saharan Africa.

Press release | 02 November 2015
GENEVA - The ILO’s Impact Insurance Facility and Financial Sector Deepening Africa (FSDA) are launching a new partnership to support insurers to provide valuable and scalable insurance solutions to low-income households and SMEs in Sub-Saharan Africa.

To effectively serve the low-income market, insurers and distribution channels need to innovate and develop client-centric products and processes that are cost-effective and viable in the long term. This is rarely possible without substantial changes to business models, internal structures, and operating procedures.

Through this partnership with FSDA, the ILO’s Impact Insurance Facility will work with five leading insurers and distribution channel distributors, and provide technical assistance for product innovation and organizational change management.

“Having supported innovations at over sixty organizations, we have seen that organizations often need to go through a systematic change management process to get ready to effectively serve the low-income market. We are excited to work with FSDA to enhance the social and economic development impact of insurance providers in Africa" – said Michal Matul, Chief Project Manager of the ILO’s Impact Insurance Facility.

A call for applications will be announced in November 2015. Interested insurers are encouraged to follow the ILO’s Impact Insurance Facility’s website.

Further details  on this project are at the FSDA website.

Find out more about how the ILO's Impact Insurance Facility is enabling insurance to support social and economic development.

FSDA is a non-profit company which promotes financial sector development across sub-Saharan Africa. It sees itself as a catalyst for change, working with partners to build financial markets that are robust, efficient and, above all, inclusive. It uses funding, research and technical expertise to identify market failures and strengthen the capacity of its partners to improve access to financial services and drive economic growth.

Housed at the International Labour Organization, the Impact Insurance Facility enables the insurance industry, governments, and their partners to realize the potential of insurance for social and economic development. The Facility was launched in 2008 with generous support from the Bill & Melinda Gates Foundation, and has received subsequent funding from several donors, including the Z Zurich Foundation, Munich Re Foundation, the World Bank Group, USAID, Agence Francaise du Développement, Africa Re and AusAID.

For further information and media queries please contact:
Aida Lindmeier | E: lindmeier@ilo.org | T: +41 22 799 6478