KATHMANDU, Nepal – The International Conference on Inclusive Insurance (ICII) convened global leaders, experts and practitioners in microinsurance, providing a platform for stakeholders to exchange ideas and showcase models to advance inclusive insurance. A session on 23 October 2024, titled "The Business Case for Co-operative and Mutual Models in Inclusive Insurance," co-hosted by UNDP’s Insurance and Risk Finance Facility (IRFF) and the ICMIF Foundation, highlighted the critical role of cooperative and mutual insurance models in extending financial protection to underserved communities in Asia and Africa.

The panel, composed of ICMIF members from Asia and Africa, explored the motivations, challenges, and strategies for expanding mutual insurance in underserved areas. They showcased successful case studies from India (DHAN Foundation) and the Philippines (MiMAP), which demonstrated the effectiveness of mutual insurance models in addressing the needs of vulnerable communities. The discussions aimed to identify scalable approaches to replicate these successes, particularly for ongoing projects under the UNDP ICMIF Insurance Innovation Challenge (IIC). Bringing perspectives from across the globe, the session featured the following key speakers:

• Ahila Devi Subramanian, CEO, People Mutuals, Dhan Foundation (India)
• Jun Jay Perez, Executive Director, MiMAP (Philippines)
• Dan De Silva, Senior Manager - Human Resources, Sanasa Life Insurance (Sri Lanka)
• Zachary Wambugu, Managing Director, CIC Africa (Malawi)

Facilitated by Diana Almoro, Regional Lead for Asia-Pacific at UNDP-IRFF (Thailand), the panel shared the critical success factors for co-operative and mutual insurance, including lessons emerging from their respective IIC projects, and exploring how these insights could shape broader inclusive insurance strategies.

Session Overview

The following are key highlights from each of the individual presentations from the panel:

• Dhan Foundation's People Mutuals (India): With 27 years of experience serving vulnerable sectors such as women, MSMEs, indigenous communities, and farmers, DHAN provides affordable life, health, and funeral insurance. Their approach relies on community-driven, needs-based solutions managed by local organizations. To sustain operations, DHAN uses reinsurance, maintains capital adequacy, and pools risks across regions to protect against large claims. DHAN’s expansion plans include launching life insurance for all ages, a secondary health care mutual program, and livestock and crop insurance, accompanied by financial literacy efforts and a push for digitization to enhance scalability.
• MiMAP (RIMANSI) (Philippines): Serving as a resource and technical support network for 20 microinsurance mutual benefit associations (Mi-MBAs), MiMAP supports microinsurance for low-income, primarily entrepreneurial women across the Philippines. Member-owned Mi-MBAs provide accessible policies with quick claims processes and are largely governed by clients. To extend this impact, MiMAP’s IIC project focuses on expanding their model in Mindanao (southern Philippines) by establishing a new Mi-MBA through an MFI partnership, providing IT systems support to streamline member enrollment, expedite claims, and improve regulatory compliance.
• Sanasa Life Insurance (Sri Lanka): Sanasa Life plays a vital role in supporting cooperative societies across Sri Lanka, aiming to uplift rural communities, particularly through the "SANASA WAYFORWARD" national development program, which aligns with the UN SDGs. This program empowers SANASA Societies to drive local development and improve economic conditions in villages. As part of the IIC, Sanasa seeks to expand microinsurance services to women-led MSMEs, addressing gaps in financial protection and aiming to enhance living standards for vulnerable communities across Sri Lanka.
• CIC Insurance Group (Africa): CIC, a pioneer in cooperative insurance across East Africa, offers comprehensive insurance services in Kenya, Uganda, South Sudan, and Malawi. Their Coop Care health plan addresses the high demand for affordable healthcare, offering coverage for cooperative members and their families with minimal restrictions on membership size or joining age. This product aims to bridge healthcare financing gaps in Kenya by providing accessible, quality healthcare options, addressing a critical priority area for cooperative communities.