Extending mutual microinsurance to 5 million uninsured households in five countries over five years.

Why the 5-5-5 Strategy?

ICMIF launched the 5-5-5 Mutual Microinsurance Strategy to develop mutual microinsurance in five countries over five years, reaching out to 5 million uninsured low-income households (which equates to 25 million livelihoods in total)*. The ultimate objective being to take low-income people out of poverty.

The 5-5-5 Strategy is unique in that it is:

  • Mutual-focused: Cooperative and mutual insurers are inherently inclusive because they evolve out of a protection need not addressed by the government or the private sector.
  • ICMIF member companies on the ground: The 5-5-5 Strategy works with member organisations that are known and trusted by ICMIF.
  • Three phased approach: A three-phased focused, impact-based approach has been devised to achieve our target, consisting of a diagnostic ‘research’ phase, an evidence-based strategy phase, followed by a country intervention programme which will see the strategy being put into practice.
  • Supported by established mutuals: The 5-5-5 Strategy is supported by the ICMIF membership and individual, established member insurers who provide technical and financial support. Our aim is to establish a long-term partnership between the technical assistance providers and recipients. 

ICMIF's unique impact assessment framework

ICMIF has created a unique impact assessment framework to measure the impact of the 5-5-5 and ensure that real change is happening on the ground. 

A set of key performance indicators (KPIs) have been developed to measure the impact of the 5-5-5 Strategy, such as claims ratios, speed of claim payments and proportion of women insured. The KPIs from the first year of the country intervention programme in each country will be will be used as a baseline to monitor progress over the next five years. 

The impact of the project will also be monitored on a qualitative basis by following five families on a quarterly basis and producing a learning diary with policyholders.

*The 'five year' period will commence at the launch of the ‘country intervention phase’ for each country, after the country diagnostic and strategy phases have been completed. Therefore, the ‘five years’ will span different timescales in each of the five countries, depending on when the first two phases are finalised.

Number of households is based on the number of policies written. It is possible that some households may have more than one insurance policy.

Number of livelihoods is based on the assumption of a household containing five individuals who would all benefit from a household member having insurance.