UNDP Nigeria and FSD Africa are collaborating to launch the Inclusive Insurance Innovation Challenge aimed at accelerating the development of insurance solutions that address the unique needs of financially underserved populations in Nigeria. UNDP Nigeria brings deep-rooted expertise in sustainable development, policy advocacy, and inclusive growth, with a strong mandate to strengthen resilience among vulnerable communities. The Insurance Innovation Challenge Fund (IICF) is an Insurance and Risk Finance Facility (IRFF) initiative that promotes innovative insurance solutions in developing countries including Nigeria. This innovative tool will be used to surface innovative insurance models and solutions that are accessible, affordable and scalable. 

Objectives:

The overarching objective of this challenge is to increase the pool of viable and innovative microinsurance insurance solutions available to underserved populations, consequently respondents are required to integrate gender-responsive and inclusive strategies in their proposals. This will also stimulate the development of inclusive and innovative insurance solutions that enhance financial resilience, particularly for financially underserved populations and livelihoods to withstand shocks across from climate, health and agricultural risks. 

Focus Areas:

1. Climate Risk Insurance for Farmers: Innovative insurance solutions that help smallholder farmers manage risks associated with climate change, such as floods and droughts, including parametric products to safeguard crops, livestock, and agricultural livelihoods.

2. Health Insurance: Affordable and accessible health coverage tailored to underserved rural and peri-urban populations, reducing out-of-pocket medical expenses and enhancing household resilience.

3. MSME Resilience Insurance: Tailored and sustainable insurance products designed for micro, small, and medium-sized enterprises, enabling them to better manage operational shocks and strengthen long-term business continuity.

4. Gender Integration: All solutions and applications are highly encouraged to adopt a gender lens by including models that intentionally address the protection gaps faced by women, ensuring equitable access, participation, and benefits, while also promoting their empowerment and economic resilience.

Who should apply:

Innovators, startups, insurtechs, fintechs, insurance companies or community‑based organizations with:

• A product/service/idea that serves underserved populations (low‑income, rural/peri‑urban, women, small farmers, small businesses)
• A business model that is commercially viable or with a clear path to viability
• A capacity or a plan to integrate gender and inclusion into the product (women, persons with disability, marginalized groups)
• Willingness to partner with insurers, regulators, or other stakeholders in the insurance sector for practical rollout
• Duly registered status with CAC and tax compliant under the Nigerian law.

Expected Outputs:

• 3 winning proposals will receive a cash prize of N30m each and intensive technical assistance to refine, test, license, and bring your product to market.
• All shortlisted innovators will be invited to a Bootcamp to sharpen their product design, business model, financials, and regulatory readiness.

Intellectual Property & Data Use Policy:

1. IP Ownership: Innovators retain full ownership of their solutions.

2. Open Innovation Clause: Participants are encouraged to adopt open-source or open-access models where feasible.

3. Data Protection: All data collected must comply with Nigeria’s Data Protection Act, UK GDPR, and UNDP’s data privacy standards. Responsible AI & Tech Use: Solutions using AI or digital tools must demonstrate ethical use, transparency, and fairness

What we expect from you:

• A well‑ about articulated proposal describing: target population, risk exposure, product/innovation, revenue model, inclusion strategy (gender‑responsive, accessibility, etc.)and scalability plan
• Clear metrics of impact & affordability
• Evidence or assumptions distribution, underwriting, risk management, claims handling

How to apply:

Complete this online application form http://bit.ly/47afGIw with attachments (product description, business plan, financial projections), and submit your application and detailed proposal by 27 October 2025. Upload your documents between the 28^th and 30^th of October 2025. We look forward to your bold ideas! 

Contact & Support:

For more clarification or any inquiries, please send an email to: 

 iic.nigeria@undp.org 

or info@bimalab.org