To successfully meet the risk management needs of small enterprises and low-income workers, financial institutions need to innovate and develop client-centric products and processes that are cost-effective and viable. Often savings, credit and insurance are offered independently of each other, which may not be as effective as an integrated product that combines the advantages of all three.
The ILO’s Social Finance Program is inviting proposals from financial institutions in Indonesia and the Philippines that aim to implement an integrated risk-management solution for low-income households and/or small enterprises. The objective is to test risk-management solutions that combine savings, credit, insurance, and risk prevention. The ILO seeks partners for whom improving customers’ ability to manage risks is a strategic priority and who have the potential to leverage technology to scale the innovations quickly and achieve sustainability, while improving customers and shareholder value.
ILO islooking for partners that are interested in implementing innovations in the following areas:
Bundling a range of financial services that improve consumers’ ability to manage risk.
Developing risk management solutions that supplement existing social protection schemes.
Providing risk management solutions to micro and small enterprises, low-income workers and/or small-holder farmers.
Delivering digital solutions that improve efficiencies and provide greater value to customer.