The United Nations Development Programme (UNDP), in partnership with the National Insurance Commission (NIC), has officially launched the Inclusive Insurance Innovation Challenge (3IC) to catalyse the development of innovative insurance solutions that enhance financial resilience among Ghana’s most vulnerable communities.

The initiative, implemented through UNDP’s Insurance and Risk Finance Facility (IRFF), aims to foster inclusive and accessible insurance products tailored to the needs of underserved populations, including informal sector workers, smallholder farmers, traders, persons with disabilities, young women, and people in climate-vulnerable areas.

Launching the 3IC in Accra, Dr. Amina Sammo, UNDP Representative, highlighted the challenge’s potential to unlock creative, community-driven insurance innovations that bridge protection gaps and support national development goals.

“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,” Dr. Sammo noted.

The 3IC calls on young entrepreneurs, insurtechs, fintechs, insurers, students, and socially driven enterprises to submit ideas under five key thematic areas:

· Agricultural and Climate Risk Insurance

· Building Resilience Among Young Women

· Digital Innovation for Inclusive Insurance

· Nature-Based Resilience Building

· Empowering Persons with Disabilities

From the submissions, ten promising concepts will be shortlisted to receive mentorship, technical advisory, and regulatory guidance. These teams will also benefit from hands-on coaching and engagement with key industry actors to help translate ideas into viable, market-ready products.

Dr. Sammo shared the timeline for the 3IC rollout:

· Concept Submission Deadline: 31 May 2025

· Shortlisting of Entries: 4–11 June

· Training & Advisory Support: 23–27 June

· Prototyping & Proof of Concept: 28 June – 18 July

· Demo Day: 31 July 2025

During the final Demo Day, three winning solutions will be selected for further technical support, including potential integration into Ghana’s mainstream insurance sector by experts from both UNDP and NIC. These innovations are expected to align with Ghana’s national agenda for financial inclusion and risk-informed development.

In his opening remarks, Mr. Bernard Ohemeng-Baah, Deputy Commissioner of NIC, described the 3IC as a “bold and innovative approach” to closing Ghana’s insurance protection gap.

“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,” he said.

Mr. Baah also emphasized the importance of meeting the 31 May submission deadline and urged all interested applicants to apply via the official 3IC portal. The 3IC is expected to unlock new pathways for inclusive insurance in Ghana by catalysing solutions that are locally driven, scalable, and socially responsive, ultimately helping communities manage risk, recover faster, and build lasting resilience