New Microinsurance Innovation Facility to Provide Grants, Technical Assistance to Organizations Serving the Poor

The International Labour Organization (ILO) has announced a new partnership with the Bill and Melinda Gates Foundation that aims to develop new kinds of insurance and improve existing products to promote decent work for millions of low-income people in the developing world.

The facility will issue bi-annual requests for proposals and provide funding to pilot new insurance products, improve efficiency in the field, and use technology to create new products that better meet people’s needs. The facility will also train technical specialists to help replicate successful models and conduct research in order to guide future investments in the microinsurance industry.

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