As climate shocks, economic uncertainty, and vulnerability to everyday risks continue to intensify across developing nations, the need for accessible and inclusive insurance systems has never been greater.

This week, the United Nations Development Programme (UNDP) and Ghana’s National Insurance Commission (NIC) took a bold step to bridge this gap by unveiling ten finalists of the Inclusive Insurance Innovation Challenge (3iC), a pioneering initiative to crowdsource innovative solutions that can bring insurance within reach of the underserved.

Launched in May 2025, the 3iC aims to nurture local innovation that addresses the systemic exclusion of informal workers, women, rural populations, persons with disabilities, and climate-vulnerable communities from mainstream insurance markets. 

From over 60 applicants nationwide, ten standout teams, made up of young professionals, tech entrepreneurs, and university students, have emerged as finalists.

Speaking at the opening of a five-day mentorship and advisory workshop for the finalists on Tuesday, Dr. Abiba Zakariah, Acting Commissioner of Insurance, underscored the critical need to change public perception around insurance.

“Insurance is simply about protecting yourself and your family from unforeseen risks,” she said. “Unfortunately, many people are unaware of what insurance really is or how it works. Yet, we all engage in informal risk management everyday, insurance formalises that process for greater security.”

Over the course of the week, finalists are being introduced to core concepts in inclusive insurance, human-centred design, ethnographic research tools, and market strategy, while also receiving tailored mentorship to refine their ideas.

The challenge is powered by UNDP’s Insurance and Risk Finance Facility (IRFF), a global initiative that works with governments, regulators, and innovators to integrate insurance and risk financing into national development planning.

The IRFF, backed by the German government through BMZ and supported by the Insurance Development Forum (IDF), operates in over 30 countries, including Ghana.

Dr. Amina Sammo, UNDP IRFF’s National Coordinator in Ghana, described the challenge as more than just a competition, calling it “a call to action.”

“This initiative is a critical step toward building resilience among the most vulnerable segments of our population,” she said. “Insurance must evolve into a tool for sustainable development, and that requires bold, community-driven solutions.”

She urged the finalists to focus on inclusive models that address affordability, accessibility, and awareness, often the three biggest barriers to insurance uptake in low-income settings.

The ten finalists will compete for a USD 40,000 seed fund, to be awarded to the most viable and impactful solution.

The winning teams will use the funds to pilot and scale their innovation, with technical support from UNDP, NIC and their partners.

As global attention increasingly turns to financial resilience as a key pillar of sustainable development, Ghana’s 3iC offers a replicable model for how countries can invest in homegrown innovation to close protection gaps and safeguard the development gains of the most vulnerable.

The challenge also reflects a growing recognition that insurance is no longer a luxury for the elite but a critical enabler for achieving the Sustainable Development Goals (SDGs), from reducing poverty to strengthening disaster preparedness.

By investing in inclusive insurance today, Ghana is not only future-proofing its development, but it is also positioning itself as a leader in Africa’s risk-informed development movement.

For more information about UNDP IRFF and the 3iC initiative, visit www.undp.org/insurance-risk-finance