4th Inclusive Insurance Innovation Lab (iii-lab)

The A2ii Inclusive Insurance Innovation Lab (iii-lab) successfully held its first national workshop in Armenia over two dynamic days, 13 and 14 March, hosted at the Central Bank in Yerevan. Esteemed speakers including Mr Hovhannes Khachatryan, Deputy Governor of the Central Bank of Armenia, Katrin Buder-Pelz, Head of German Development Cooperation at the German Embassy, and Madeleine Rauschenberger, Country Director for GIZ Armenia, marked the opening with insightful remarks.

The workshop brought together a diverse multi-stakeholder team from the Central Bank of Armenia, various ministries, the industry sector, academia, and civil society. The participants engaged in fruitful discussions about the current landscape of inclusive insurance in Armenia and explored innovative opportunities for enhancing climate resilience through the lab process.

In response to the pressing challenges posed by climate change, the country team pinpointed the agricultural sector and low-income populations as critical areas of focus. The team committed to raising insurance awareness and capitalising on Armenia's advanced digital landscape. They also underscored the vital role of incorporating feedback from the demand side into the innovation process. 

The 4th iii-lab is a 12-month journey where teams from Armenia, Nepal and Senegal, consisting of key stakeholders from the insurance sector, are collaborating on innovative insurance solutions to increase resilience against the impact of climate change. For more information on the iii-lab, click here.

The inaugural National Workshop of the 4th iii-lab for Nepal was held in Kathmandu on 28-29 February. Mr Raju Raman Paudel, the Executive Director of the Nepal Insurance Authority (NIA), and Ms Paulina Campos, GIZ Nepal Deputy Country Director, inaugurated the workshop.

Various stakeholders from the agriculture insurance sector, including regulators, insurance and reinsurance entities, InsurTech companies, a national farmers’ cooperative, the country’s climate and disaster risk reduction and management authority, and international organizations attended the workshop.

During the two-day event, participants exchanged ideas on climate change impacts on Nepali agriculture and discussed potential solutions to address farmers' protection issues. Parametric insurance was a focal point, with recognition of existing challenges in convincing stakeholders, including farmers, of its value in enhancing agricultural sector resilience. Despite skepticism, the team remains committed to finding solutions.

Following the workshop, the team agreed to focus on specific sectors such as rice, grains, maize, and other vegetables, conducting interviews with farmers and stakeholders in these sectors. Subsequent lab meetings will determine the sector of focus and the geographical location for pilot efforts.

Mr Surya Prasad Silwal, Chairman of the Nepal Insurance Authority, formally closed the workshop. In his closing remarks, Mr Silwal expressed gratitude to A2ii for including Nepal in the 4th edition of the lab and expressed confidence in the team's output, anticipating it would serve as a replicable model for other agriculture centers in Nepal.

On 14-15 February, the first national workshop of the 4th iii-lab took place in Dakar, the capital of Senegal. The workshop was opened with remarks by Mr Mamadou Deme, Director of Insurance at the Ministry of Finance and Budget of Senegal, and Mr Rogier Hekking, Deputy Ambassador of the Netherlands.

The two days were filled with both concentrated discussion and personal exchanges within the national multi-stakeholder team, consisting of representatives from ministries, including the insurance regulator, brokers, industry, consumer associations, civil society, and international organisations.

The participants not only brought their diverse institutional backgrounds and knowledge to the table, but shared their unique perspective on the impact of climate change and the various ways inclusive insurance can protect the most vulnerable segments of the population. As one of the lab participants put it, “In 10 years, maybe we can say that we were an important part of creating the protection that everyone can have in Senegal today.”

To address the impact of climate change in Senegal, the group decided on an initial focus on the vulnerable segments of the population such as smallholder farmers, fisherfolk, and garbage collectors. They also chose to include a gender focus and examine how insurance regulation can support innovative and inclusive solutions to increasing resilience. Following the workshop, the national team will split into smaller working groups to map the stakeholder landscape and use interviews to further define the scope of their project.

Congratulations to all three selected country teams from Armenia, Nepal and Senegal! 

Each multistakeholder country team will be embarking on a one-year journey to develop innovative solutions to increase resilience of the most vulnerable segments in their societies against the impacts of climate change. 

In the coming weeks, insurance supervisors from the three selected countries will start the convening process to put together their multistakeholder country teams. In early 2024, the teams will come together for the first iii-lab workshops to develop innovative solutions guided by the question: How can you innovate for achieving climate resilience in your jurisdiction?   

Once again, we are happy to partner with Reos Partners for the facilitation of the programme.  

See the announcement on LinkedIn.