Building resilience in vulnerable communities
In January 2015, 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.
Over the course of five years, ICMIF plans to develop mutual microinsurance in five countries, reaching out to 5 million uninsured, low-income households, which will equate to 25 million people in total.
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 is already being carried out there and ICMIF member presence in those countries.
Six reasons to support the 5-5-5 Strategy
- It is in the DNA of the mutual model to address the needs of vulnerable and excluded communities
- ICMIF members can share their organization’s business expertise which will provide invaluable knowledge and insights to a developing mutual or cooperative
- To provide high potential employees with a challenging and meaningful assignment by sending them on secondment to one of the 5-5-5 project companies
- To draw lessons from the innovations and experiences of emerging markets which could prove relevant for your own business operations
- To ensure that the 5-5-5 intervention stays true to its mutual mission and reaches out to the most vulnerable communities
- Develop long-term partnerships with mutuals or cooperatives in emerging markets
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 be seconded to assist with initiatives such as board and staff training, operating systems development, member education, marketing, product development, impact assessment and advocacy.
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.