Inclusive Insurance Alliance: doing good while doing business – Board of Innovation

The partnership gives underserved consumers access to simple and affordable, mobile-delivered insurance- and health services. Additionally, it increases the overall insurance awareness and health literacy among these communities. 

By combining their experiences and competences, the partners develop innovative insurance and mobile healthcare solutions for the Ghanaian market. At the same time, the collaboration facilitates spill-over effects, and generates industry-wide best practices and regulatory frameworks to be leveraged in other countries as well.

Each partner fulfills a different, yet complementary role. 

GIZ is a service provider of international cooperation for sustainable development. BIMA, is a mobile-delivered health and insurance provider. And Allianz is a financial services provider.

GIZ accompanies BIMA and Allianz Ghana to drive innovation and facilitate access to microinsurance with their local network of experts. With a wide customer base, BIMA contributes know-how in delivering mobile solutions to developing markets. Allianz contributes insights on low-income insurance solutions, based on its experience serving more than 46 million emerging consumers. 

The partnership is still in an early stage and its long-term impact is yet to be assessed. However, distinctive for this partnership is the complementarity of capabilities and resources to address a systemic issue that no single actor could have solved alone. With the development of new commercial offerings for underserved communities, the partnership demonstrates how creating social impact and doing business are not mutually exclusive. 

Catering to social needs while seizing new business opportunities consolidates the long-term orientation and scalability of the partnership. 

The partnership focuses on the development of new products and services for underserved communities. This is achieved through shared learning and best practices. The Inclusive Insurance Alliance project is an example of an integrative partnership. Here, partners align their missions, strategies, values, and activities to achieve the priority goal of creating social impact.

All partners share their new learnings and best practices. These insights are forwarded to external stakeholders as well, and are used to adapt existing offerings and create new solutions that address the consumer’s needs.

This partnership shows how dedicating more resources creates more commitment to the partnership – and committed partnerships have greater impact.