Best Ideas 2020 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
INSURANCE AS A TOOL IN HELPING TO OVERCOME OBSTACLES TO SOCIAL, ENVIRONMENTAL AND ECONOMIC PROGRESS
Explain your idea in details:
HOW THE THREE PILLARS OF SUSTAINABILITY CAN BE ACHIEVED THROUGH INSURANCE Insurance as an economic protection mechanism: Making insurance markets more inclusive by providing subsidy or financing micro insurance and several other insurance products (for example, agricultural insurance, micro pensions insurance and climate risk insurance), as a major strategy for building cover for the poor and the middle-income population. Micro insurance on its own is a poverty-oriented platform that complements other financial services like payments, savings and loans. If appropriately structured, micro insurance products can help to guarantee that all men and women, particularly the poor and helpless, have the same rights to economic resources as well as micro insurance. Insurance as a Social protection in relation to health care mechanism: Providing subsidy or financing to range of health covers that low-income populace needs, within an affordable price range. Health care financing for communities by a social protection system can be accompanied by insurance products which cover expenses excluded from the social protection health care plan. Micro-insurance products, for instance, can cover smaller forms of these health care charges, including the inpatient expenses incurred due to certain critical illnesses. Furthermore, daily cash benefit can be provided during hospitalization to cover incidental expenses or loss of income or smaller health care costs such as gynaecological cover. Insurance as an environmental protection mechanism: In the aspect of environmental protection, there are wide range of insurance products that can either subsidise or finance to promote the transition to a cleaner and greater resource-efficient economy. They include insurance for renewable energy projects, energy-efficiency or energy-savings insurance, performance warranty insurance for wind turbines and solar panels, insurance for energy and water-efficient buildings, geothermal exploration risks insurance, insurance for carbon capture and storage technology, insurance for hybrid and electric vehicles, and pay-as-you-drive or usage-based insurance.
Expected impact of your idea on sustainable development
Insurance provides a safety net for those using it thereby preventing families from falling back into poverty after experiencing a shock: Research suggests that when a shock occurs, families without insurance often liquidate their savings, take gifts and loans from friends and family, borrow at high interest rates, reduce family consumption, dis-invest in education and sometimes must sell productive assets at a discount; all of these coping strategies reduce their resilience to future shocks Insurance fosters locally driven and sustainable food production by opening lending opportunities where there were none before and by encouraging investment in enhanced agricultural practices: The support of agricultural productivity is a key element of eradicating hunger. Many development efforts aiming to eradicate hunger are therefore focused on how to support the agricultural sector in ensuring food security. Crop risk poses a very serious threat for low-income farming households. Insurance helps people to respond and adapt to natural catastrophes: According to the World Food Programme (WFP), disasters disproportionately affect the poorest communities and significantly increase hunger and malnutrition. Appropriate insurance can mitigate hunger and enhance the resilience of vulnerable people to confront the nutritional effects of natural disasters and climate change. Insurance offers protection for women working in the informal sector: As unpaid family caregivers, self-employed vendors or informally paid day labourers, poor women are generally excluded from public social protection schemes. In the absence of government protection, microinsurance and micro pensions provided by the private sector or through public private partnerships can provide important and affordable safety nets. Insurance frees MSMEs private funds for productive investment: Allowing MSMEs to pay for risk protection in small instalments, insurance enables MSMEs to re-allocate funds they would have otherwise needed to reserve for potential future shock events towards investment in better technologies, product innovation and income generating activities.
Plans for implementation and sustainability
IMPLEMENTATION We have to foster relationships with various stakeholders from the private and public sector, covering diverse areas of expertise. Insurance, as an integral part of financial systems development, is increasingly a cross-cutting methodology that is adopted to carry on with the goals set out in other development agendas such as agriculture and food security, private and rural sector development. A positive approach towards insurance market development forms the major contributor towards the achievement of the sustainable development and their targets. This strategy comprises activities at all the three stages of the financial system that must to be implemented concurrently. Activities at the macro level: Policies facilitate coordinated engagement and backing from governments. Operational laws, regulations and supervisory arrangements create a legal conviction for the insurance industry and for consumer protection. In such areas, proportionate methods create an enabling business environment with standards related to their operational practices and products, alongside transparency related to their performance. Activities at the meso level: Service providers such as market researchers, associations, information technology providers, actuaries and training institutes are involved in capacity building of various stakeholders and provide backing which is based on good business practice. Sector dialogue promotes public private coordination while private investments always leverage to develop public goods such as client data, sector information, mortality and morbidity tables as well as to implement sector-wide actions to develop consumer protection and education. Activities at the micro level: Insurers and brokers develop and allocate SUAVE insurance products that are Simple, Understood, Accessible, Valuable and Efficient. They include mutual type of providers such as mutual benefit associations or cooperative insurers or commercial insurance companies. Distribution networks include traditional channels such as microfinance institutions and innovative avenues such as payment platforms or retail chains or mobile network operators
Date of Birth/Gender: 12th June 1990 / Male CAREER PROFILE I am one of the selected few in Africa for Young Insurance Professional Program (YIPP) 2020 sponsored by United Nations Center for Trade and Development (UNCTAD) anchored by Africa Reinsurance Corporation in affiliation with London School of Insurance Also, I am an Associate Member of the Chartered Insurance Institute (ACII) with years of work experience both locally and internationally coupled with a Master of Business Administration (MBA Marketing Management) degree alongside an MSc and BSc in International Business and Economics respectively afforded me the opportunity to be gainfully employed as an Insurance Business Development Officer. EMPLOYMENT HISTORY 2018 Present Prestige Assurance Plc as Business Development Officer 2016 2018 Law Union and Rock Insurance Plc as Business Development Officer 2016 - 2016 Transport for London as Customer Service Representative 2015 2015 Global Leaders Intern-Centre for Global Engagement INTERNSHIP PERSONAL ACHIEVEMENTS Secretary to Abuja Unity Lions Club International 2019/2020 calendar year. Team Lead in various Local and International trips while serving as an International Student Ambassador at Coventry University, England which include: - United Nations conference in New York, USA March 2016, - Port of Felixtowe (Largest Port in Britain) one-day departmental sightseeing July 2015. - Council of Europe Headquarters in Strasbourg, France May 2015. - National Museum of Nuremberg, Germany May 2015. - Global Leadership Institute in California, San Diego, USA March 2015. UK Work Experience Validation