The Co-operators, a Canadian based member of the International Cooperative and Mutual Insurance Federation (ICMIF), has agreed to provide Indian member Uplift Mutuals with actuarial assistance for developing its current health mutual aid product. This is on top of the existing financial support that The Co-operators has been providing to the Uplift 5-5-5 project which is also supported by Länsförsäkringar AB of Sweden. This intervention follows a successful technical assistance marketing assignment provided by the Achmea Foundation (the Netherlands) in February 2017. John Dark, from the Business opportunities department at The Co-operators Life Insurance Company, will lead the team of actuaries providing assistance to Uplift Mutuals which includes Marisa Hoculik, Navraj Gakhal and Tera Ridgway. The assignment is composed of four main components and will involve creating a pricing simulation tool for health mutual microinsurance, designing a dashboard with graphs and figures, undertaking a product verification and reviewing the pricing strategy and product design. Through the ICMIF’s 5-5-5 Mutual Microinsurance Strategy, Uplift Mutuals aims to bring health mutual aid solutions to an additional half a million low-income people in Mumbai and Pune over the next five years.
Following its previous positive experience with Uplift, ICMIF member The Achmea Foundation (the Netherlands), has agreed to support the 5-5-5 Phase II project in India with Development of Humane Action (DHAN) Foundation. Bob Tjaarda, Financial Management Trainee at Achmea will undertake a review of the business plan, formatting and financial assumptions behind the project. Through the ICMIF’s 5-5-5 Strategy, the DHAN Foundation project aims to supply an additional 1.17 million people from low-income communities with its mutual life, health, crop and livestock products over the next five years.
The assignment deliverables are clearly defined and both are virtual, meaning that background materials are shared with the technical assistance providers in advance and calls are organised before and during the assignment.
ICMIF Foundation CEO, Sabbir Patel, says “ We are truly grateful to both organisations for their support, the technical assistance program under the 5-5-5 provides employees with an opportunity to get involved with challenging and meaningful assignments, see mutuality in practice and help improve delivery and impact of the 5-5-5 projects. In addition it provides a huge motivation to our project partners when they have the bigger established mutuals behind them.”
To find out more and discuss ways to support the ICMIF 5-5-5 Mutual Microinsurance Strategy please contact firstname.lastname@example.org
About the project
ICMIF’s 5-5-5 Mutual Microinsurance Strategy is a five-year project based in five emerging market countries which aims to provide five million households with insurance cover for the first time, which equate to 25 million individuals in total.