Shawna Peddle, Associate Vice President of Citizenship at The Co-operators Group Limited, delves into the transformative impact of the Insurance Innovation Challenge (IIC) in an enlightening interview with CanadianSME Small Business Magazine. Spearheaded by the International Cooperative and Mutual Insurance Federation Foundation and the United Nations Development Programme, the IIC is dedicated to scaling socially responsible microinsurance programs that bolster community and financial resilience worldwide. Shawna outlines Co-operators’ significant contribution of $410,000 to the IIC, highlighting the initiative’s focus on supporting vulnerable communities, especially women, in developing economies. Through this collaboration, Co-operators not only furthers its commitment to financial security and community resilience but also aligns with the Sustainable Development Goals, aiming to reach 150 million poor and vulnerable individuals with micro-level insurance. Shawna’s insights reveal Co-operators’ strategic vision for fostering innovation in the insurance sector, supporting gender equality, and enhancing the livelihoods of communities globally, positioning the cooperative as a pioneer in advancing sustainable and inclusive insurance solutions.
Shawna has responsibility for community investment programs and partnerships at Co-operators, including corporate giving and volunteerism, the Co-operative Development Program, the Advisor Community Fund, and the Co-operators Community Funds. She is focused on social impact through partnership and collaboration, with expertise in program design and implementation related to community resiliency, risk communication, environmental risk assessment, climate change adaptation, and disaster risk reduction.
Shawna holds a Masters Degree in Forestry from the University of Toronto, and a Graduate Diploma in Social Responsibility and Sustainability from St. Michael’s College, University of Toronto.
Shawna, can you describe the essence of the Insurance Innovation Challenge (IIC) and elaborate on how Co-operators is contributing to this initiative? What motivated Co-operators to get involved, and how do you foresee this involvement impacting the insurance industry?
Cooperative collaboration on a global scale can help address the biggest challenges facing low and middle-income communities and deliver innovative, accessible, and inclusive insurance products for populations that need them most. The Insurance Innovation Challenge (IIC) is a joint program from the International Cooperative and Mutual Insurance Federation Foundation (ICMIF Foundation) and the United Nations Development Programme (UNDP) Insurance & Risk Finance Facility. It is committed to scaling socially responsible microinsurance programs that advance the goals of community and financial resiliency held by cooperatives and mutuals worldwide. With Cooperators’ investment and support to the IIC with a financial commitment of $410,000, four micro-insurance projects focused on strengthening the financial resilience of people, particularly women, in developing economies will have the support to scale up their products. Co-operators is a member of the ICMIF and Rob Wesseling, President and CEO, Co-operators is also the Chair of ICMIF and the ICMIF Foundation. Co-operators has a long-standing relationship and partnership with ICMIF under the co-operative principle of co-operation amongst co-operatives.
In terms of the IIC’s objectives, how specifically does Co-operators envision its support aiding vulnerable communities?
Low and medium-income communities around the globe are facing challenges in health, well-being, gender equality and sustainability. The most vulnerable populations when it comes to accessing affordable and appropriate insurance includes women, small enterprises, small scale farmers, and those in hard-to-reach locations. All four winning projects identified women as key policyholders, such as women in rural areas earning less than three USD per day and women-run micro, small and medium-sized enterprises (MSMEs). Connecting these communities to microinsurance products and services that meet their needs will allow their businesses, families, and communities to thrive.
Regarding the projects chosen for funding through the IIC, could you detail the selection criteria and the kind of innovations that Co-operators is looking to invest in?
The open call process invited applications from project partners internationally. The applications were assessed by the ICMIF Foundation for eligibility, including being a registered cooperative or mutual licensed to sell the relevant simple, accessible and affordable insurance products, being able to co-fund the project by 50%, and committing to support the project beyond the IIC window towards financial sustainability in the long term. The eligible applications were then reviewed and submitted to due diligence by a Selection Committee which included the UNDP and independent microinsurance experts. The four selected projects are: National Insurance VimoSEWA Cooperative Ltd. (India); CIC Insurance Group (Kenya); Cooperative Life Assurance Ltd (Malawi); and Sanasa Life Insurance Public Limited Company (SLIC) (Sri Lanka). They were selected based on their focus on innovation and making a demonstratable impact on the lives and livelihoods of the target population, particularly women.
Which specific populations do you anticipate will benefit most directly from Co-operators’ funding and support through the IIC? How does this align with Co-operators’ broader goals of community support and financial resilience?
In its first year, Cooperators has committed $410,000 to the IIC, which supports the scaling up of four micro-insurance projects. The four projects selected focus on strengthening the financial resilience of people, particularly women, in developing economies. The selected projects are set to receive $100,000 USD each through the IIC, along with technical assistance support from ICMIF members around the world.
Co-operators purpose is financial security for Canadians and our communities. We corporately support community resilience initiatives in Canada and internationally focusing on social wellness/mental health, an inclusive economy (including employability and financial resilience), environmental resilience, and a more co-operative society. Our support under the IIC embraces the Sustainable Development Goals, and expands our impact into developing economies, while also allowing us to learn from the outcomes of these projects to inform our own products, services, and engagement practices.
Why is supporting ICMIF/IIC important to Co-operators, and what are the expected outcomes of this collaboration for the cooperative and mutual insurance sector?
The collaboration between cooperatives for the IIC will help deliver innovative, accessible, and inclusive insurance products for populations that need them most. The IIC also aims to contribute to the achievement of the Sustainable Development Goals and the InsuResilience’s Global Partnership 2025 target of reaching 150 million poor and vulnerable people covered by micro-level insurance. Co-operators also hopes to learn through these partnerships about how to best serve vulnerable populations through products, services and engagement practices in use in the selected project contexts.
