Building resilience in vulnerable communities
In June 2016, ICMIF launched the 5-5-5 Mutual Microinsurance Strategy to help mutual microinsurance reach its full potential scale in a number of emerging markets and thereby having a positive impact on the lives of millions of low-income households. The ultimate objective being to take low-income people in these markets out of poverty.
Over a period of five years, ICMIF plans to develop mutual microinsurance in five countries, reaching out to 5 million low-income persons who have previously been uninsured.
The five countries (Colombia, India, Kenya, the Philippines, and Sri Lanka) were selected based on several factors, including the fact that prominent work in the field of mutual insurance and microinsurance is already being carried out there and also that ICMIF has a member presence in those countries.
Five reasons for ICMIF members to support the 5-5-5 Strategy
- Help create a meaningful, long-term impact, in line with your existing business practice: It is in the DNA of the mutual/cooperative model to address the needs of underserved communities.
- Reinforce mutual values to your employees and customers: Your organisation’s contribution to changing the world has the potential to increase both employee and stakeholder engagement.
- Provide high potential employees with a challenging and meaningful assignment: Offering international secondment opportunities is a compelling motivator for talent to join and/or stay at your organisation.
- Develop long-term partnerships with mutuals or cooperatives in emerging markets: Making a
- commitment to the 5-5-5 will provide give your organisation an opportunity to help shape the mutual/cooperative insurance markets of the future.
- Contribute to the United Nations 2030 Sustainable Development Goals (SDGs): The 5-5-5 will specifically assist with at least five of the SDGs
How to support this work
- By providing Financial Assistance: in the form of a grant, with an opportunity to provide year-on-year support
- By providing Technical Assistance: members of your staff can complete assignments in one of the project countries (for a given duration that suits your employee and your organisation) and assist with initiatives such as board and staff training, operating systems development, marketing, product development and impact assessment
For more information or to discuss how you can support the 5-5-5 Mutual Microinsurance Strategy, please contact:
Sabbir Patel, Senior Vice-President, Emerging Markets.