In a move to bolster financial stability for Ghana’s most vulnerable, the United Nations Development Programme (UNDP) and the National Insurance Commission (NIC) have joined forces. Their initiative, the Inclusive Insurance Innovation Challenge (3IC), is designed to spark new insurance solutions tailored to the needs of underserved communities. Dr. Amina Sammo, the UNDP Representative, has highlighted the challenge’s potential to close critical protection gaps, paving the way for broader national development. The 3IC seeks to cultivate inclusive insurance options, directly addressing the financial insecurities faced by many Ghanaians. Are you a budding entrepreneur or an insurtech innovator with a passion for social impact? This challenge could be your opportunity to help build a more resilient Ghana. By focusing on inclusive insurance, the program aims to create a safety net for those who need it most.

The Inclusive Insurance Innovation Challenge (3IC) is a pivotal program designed to catalyze innovative insurance solutions. Its core objective is to enhance financial resilience for vulnerable communities across Ghana by focusing on the development of inclusive and accessible insurance products. The initiative specifically targets informal sector workers, smallholder farmers, traders, persons with disabilities, young women, and those living in climate-vulnerable areas. The goal is to ensure that these populations have access to the financial protection they need to withstand various shocks and disasters.

The UNDP, through its Insurance and Risk Finance Facility (IRFF), is instrumental in implementing the 3IC. This facility aims to foster the creation of inclusive and accessible insurance products that are specifically tailored to the unique needs of underserved populations in Ghana. By leveraging the IRFF, the 3IC seeks to drive innovation and expand the reach of insurance to those who have traditionally been excluded from such services.

“This initiative is a critical step towards building resilience for the most vulnerable segments of our population and ensuring that insurance becomes a tool for sustainable development,” said Dr. Amina Sammo, UNDP Representative.

The 3IC is structured around several key thematic areas, each addressing specific challenges and opportunities within Ghana’s insurance landscape. These areas include agricultural and climate risk insurance, building resilience among young women, digital innovation for inclusive insurance, nature-based resilience building, and empowering persons with disabilities. Each theme represents a critical focus area for developing tailored insurance solutions that meet the diverse needs of Ghana’s population. The initiative aims to address critical gaps in inclusive insurance.

One key area is the development of agricultural and climate risk insurance products. These products are designed to protect farmers from losses related to climate-related events, such as droughts, floods, and extreme weather conditions. By providing financial protection against these risks, farmers can better manage their livelihoods and ensure food security. Another critical theme focuses on building resilience among young women, creating insurance solutions that address the unique challenges they face. These solutions aim to empower young women and provide them with the financial tools they need to thrive.

Digital innovation plays a crucial role in making insurance more accessible and affordable. The 3IC encourages the use of technology to develop innovative insurance products and distribution channels. Nature-based solutions are also explored as a means of mitigating risks and enhancing resilience, leveraging natural resources to protect communities from various threats. Finally, the 3IC aims to empower persons with disabilities by developing insurance products that cater to their specific needs, ensuring that they have access to the same level of financial protection as other members of society.

Young entrepreneurs, insurtech companies, fintech innovators, established insurers, students, and socially driven enterprises are all encouraged to submit their ideas to the Inclusive Insurance Innovation Challenge. This call to action aims to bring together a diverse range of perspectives and expertise to develop the most effective and innovative insurance solutions for Ghana.

The 3IC timeline is structured to ensure a thorough and well-supported development process. The deadline for concept submissions is May 31, 2025. Following the submission deadline, entries will be shortlisted between June 4 and June 11. Shortlisted teams will then receive training and advisory support from June 23 to June 27, providing them with the knowledge and resources needed to refine their concepts. Prototyping and proof of concept will take place from June 28 to July 18, allowing teams to test and validate their solutions. The culmination of the challenge will be a Demo Day on July 31, 2025, where teams will showcase their innovations to industry experts and potential investors.

Following the submission of concepts, ten promising ideas will be shortlisted for mentorship and technical advisory. This support includes hands-on coaching and engagement with industry actors, providing teams with invaluable insights and guidance. The aim is to ensure that selected teams have the best possible chance of developing successful and impactful insurance solutions.

Winning solutions from the 3IC will be integrated into Ghana’s mainstream insurance sector with the support of the UNDP and NIC. This integration aims to align with Ghana’s national agenda for financial inclusion and risk-informed development, ensuring that innovative insurance products reach those who need them most. The NIC views the 3IC as a “bold and innovative approach” to closing Ghana’s insurance protection gap, according to Mr. Bernard Ohemeng-Baah, Deputy Commissioner of NIC. This perspective underscores the importance of the challenge in transforming Ghana’s insurance landscape.

“We see this as a platform for co-creation. We encourage insurers, tech developers, and students to partner with us and develop solutions that support livelihoods and protect small businesses, especially in the face of shocks and disasters,” said Mr. Bernard Ohemeng-Baah.

Participating in the Inclusive Insurance Innovation Challenge is straightforward. Interested parties can submit their ideas via the official 3IC portal before the submission deadline on May 31st. The challenge aims to catalyze locally driven, scalable, and socially responsive solutions, encouraging participants to develop solutions that support livelihoods and protect small businesses. By focusing on these key areas, the 3IC seeks to create lasting positive change in Ghana’s insurance sector. The goal is to foster a more resilient financial ecosystem by promoting inclusive insurance.

The Inclusive Insurance Innovation Challenge (3IC) marks a significant advancement in the pursuit of financial resilience within Ghana. By championing inventive insurance solutions designed for vulnerable communities, the UNDP and NIC are dedicated to bridging protection gaps and propelling sustainable development. With a clear focus on key thematic areas and a structured timeline, the 3IC offers a valuable platform for entrepreneurs and innovators. The deadline for submissions is May 31st, 2025. Explore the official 3IC portal and become a part of this transformative initiative, driving inclusive insurance and contributing to a more secure future for Ghana’s most vulnerable populations.