Over a two-year period, this new project aims to scale up insurance for women-run micro, small and medium enterprises (MSMEs) through an innovative insurance product called " Labandi Ran Wasi” (LRS) designed specifically for women entrepreneurs in Sri Lanka. 

In Sri Lanka, MSMEs contribute 45% of the GDP, with women's contribution standing at a low 25% of the total sector’s contribution. Factors such as limited access to credit, low financial literacy, and low confidence hinder women's participation in the MSME sector. A survey conducted by the IFC World Bank group revealed key issues that hamper the growth of the MSME insurance market, including a low level of insurance awareness. Only 15% of MSMEs are estimated to use insurance as a risk management tool.

This project aims to address these challenges through a dual approach focusing on education and accessibility of its insurance product. The target demographic is women-led MSMEs, with the objective to reach 25,000 policyholders across diverse sectors including agriculture, service, and manufacturing sectors. With a special focus on rural and semi-urban areas, the project aims to increase the participation of women in the MSME sector and enhance their financial resilience.

Areas of significant concern for women that need to be addressed are: savings, critical Illness, death claim benefits, and funeral expenses. Family members of women entrepreneurs are also at risk of losing the family's primary income due to death. To address this, the product provides life coverage for both the women entrepreneurs and additional coverage for their family members.