OpenIDEO is an open innovation platform. Join our global community to solve big challenges for social good. Sign Up / Login or Learn more

Social Microinsurance for the Disabled

A micro-insurance program that groups low-risk beneficiaries in Developed Nations to impoverished communities in the developing world.

Photo of Brannon Veal
0 3

Written by

What problem does your idea solve?

The high financial cost of treating an illness can be devastating to the financial livelihood of a man or women living in poverty. The presented idea seeks to mitigate the financial risk of disability, through an innovative approach to providing insurance to the poor.

Explain your idea

The proposed micro-insurance program provides financial protection for low-income communities in the developing world (those living on less than $4 per day) against specific disabilities in exchange for regular low-cost payment. Insurance beneficiaries in developed nations can elect to sponsor a community insurance plan that provides disability coverage to impoverished communities in the developing world. Their insurance premiums would reflect the aggregate risk of disability of the sponsored community. The sponsored community with will pay a small fee for insurance coverage and be required to attend a basic health education class in order to receive coverage. Overall, the program will work to subsidize the cost of healthcare for the poor, increase financial resilience in the face of disabilities, and provide support and mutual accountability for participating community members.

Who benefits?

Who will benefit from your idea? African communities in which the average per capita income is between $1 and $4 per day. How will they benefit from your idea? They will have access to healthcare services at a subsidized cost, which lessens the financial risk and impact of living with a disability.

How is your idea unique?

Microinsurance exists in many forms, but currently the risk is borne by the communities that are not as able to bear it. The program proposed would aggregate the risk of disability of individuals in the developing world with people and businesses in the developed world that can better bear that risk. In developing nations such as the United Status, most insurance deductibles go toward increasing the profit margin of insurance companies instead of meeting the legitimate needs of insurance beneficiaries. With our program, insurance premiums in the developed world would go to providing insurance in markets where the risk of disability is higher, but the healthcare costs are substantially lower.

Tell us more about you

I am an engineer and social entrepreneur, looking for feedback and insight on the idea submitted. This idea would be implemented in partnership with Micro-finance organizations and large insurance companies in OECD countries.

Where will your idea be implemented?

  • Ethiopia
  • Ghana
  • Kenya
  • Malawi

Experience in Implementation Country(ies)

  • No, not yet.

Expertise in Sector

  • I've not yet worked in a sector related to my idea but am excited to learn more.

Organizational Status

  • Other

Idea Maturity

  • Research & Early Testing: I am exploring my idea, gathering the inspiration and information I need to test it.

0 comments

Join the conversation:

Comment