Result of Service
Development of a project plan to offer a common index insurance solution (mandated and endorsed by NIA, Nepal) that would be distributed through specialised microinsurance players as well as traditional insurers in Nepal. This offering would be carried on a technology platform(s) in Nepal that would be accessible to all microinsurance companies as well as other insurance companies for product distribution, product backend, customer onboarding and TPA management of claims. The proposed platform will be operated under the supervision of NIA. The project plan so developed will define the timelines and the resource requirements both financial and in terms of technical capacities and human resources. The consultant will also identify the capacity building requirements of NIA and the local insurance industry towards the implementation of climate smart insurance solutions. The outcomes of the services will be to strengthen the UNEP FI’ V20 SIF’s implementation of its mandate to support the development of climate smart insurance projects for MSMEs and agribusinesses in a V20 market i.e. Nepal.
Duties and Responsibilities
The United Nations Environment Programme (UNEP) is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system and serves as an authoritative advocate for the global environment. The overall objective of the UNEP’s Economy Division is to encourage decision makers in government, local authorities and industry to develop and adopt policies, strategies and practices and technologies that promote sustainable patterns of consumption and production, make efficient use of natural resources, ensure safe management of chemicals and contribute to making trade and environment policies mutually supportive. It promotes the development, use and transfer of policies, technologies, economic instruments, managerial practices and other tools that assist in environmentally sound decision making and the building of corresponding activities. The United Nations Environment Programme Finance Initiative (UNEP FI) is the strategic partnership between the United Nations and over 300 banks, insurers and investors. For over 28 years UNEP FI has been shaping and driving the international sustainable finance agenda, setting global standards and growing a global network of leading financial institutions. Through its work-streams and regional activities, peer learning, methodology development, training and research, UNEP FI promotes sustainable finance and helps the financial industry align with and contribute to the Paris Agreement and Sustainable Development Goals. The V20 led Sustainable Insurance Facility (SIF) is a project pipeline development facility, convened under the Principles for Sustainable Insurance initiative (PSI) to assist the Vulnerable 20 (V20) membership in scoping the financial protection needs of Micro, Small and Medium enterprises (MSMEs) in the context of climate change and facilitate project concept note and proposal development under the leadership of the V20 Finance ministries. The SIF builds on the demand expressed by the V20 Risk Focus Group during the V20 Asia-Pacific Regional Meetings at the Asian Development Bank in Manila in 2017. The SIF is operationalized through the SIF Project Office hosted by the UN Environment Programme’s Principles for Sustainable Insurance (PSI) supported through the Munich Climate Insurance Initiative (MCII), and operate under the guidance of the V20. The work of the Office is included in the V20 Work Plan and currently funded by the German Federal Ministry for Economic Cooperation and Development (BMZ). Hosted by PSI, the SIF Secretariat team builds on PSI’s positioning as a global convener to fulfil the core mandate of the SIF, which is developing country demand-driven proposals and functioning as an impartial matchmaker to link implementation demand and supply. The PSI’s global convening power and industry networks supports the SIF in building regional and local insurance capacities. Moreover, the SIF secretariat leverages the PSI network to identify and realize collaborative potentials between the global and local industry and integrate PSI’s expertise on insurance industry perspectives on climate resilience and low carbon growth. Hosted in PSI, the SIF is also well-positioned to promote the V20’s sustainable insurance interests on a global level, including through the InsuResilience Global Partnership, the Insurance Development Forum, the Task Force on Climate Related Financial Disclosure and the Sustainable Development Goals. Under the direction and supervision of the PSI Programme Leader, the Consultant will support the development of a project plan for a climate risk insurance solution for farmers and MSMEs in Nepal in accordance with V20 SIF’s mandate to develop a pipeline of climate smart insurance solutions for MSMEs and agribusinesses in V20 Markets. In doing so, the Consultant will also liaise with the wider V20 SIF/PSI/UNEP FI team and the Nepal Insurance Authority, Nepal team, particularly the PSI Programme Supervisor, V20 SIF global coordinator and the V20 SIF coordinator for Asia-Pacific. As risk managers, insurers and investors, the insurance industry is uniquely positioned to promote economic, social and environmental sustainability—in other words, sustainable development. Objectives and outputs expectations: • Kick off calls with V20 SIF and NIA, Nepal teams to align expectation on deliverables, establish timelines and identify key informants to be engaged for the project. • Undertake a review of relevant index insurance solution under implementation now or in the past in Nepal, review the regulatory and policy environment around climate smart insurance solutions. • Undertake in person engagements with the key personnel at NIA; Nepal, microinsurance and traditional insurance companies offering or interested in offering climate smart insurance solutions to review capacities and gaps in implementing the proposed solution. • Review existing IT platforms existing in Nepal facilitation inclusive insurance solutions and assess their suitability for the proposed project. • Coordinate a stakeholders workshop to present findings from the steps above and a high level outline of the proposed Project plan (including timelines and resource requirements) for feedback • Draft the final project report and project plan and seek feedback from V20 SIF and NIA, Nepal for finalisation. Specific tasks and responsibilities Tasks: -Undertake two project two kick-off calls with V20 SIF and NIA, Nepal on discussing and reviewing the proposed V20 SIF-NIA project on climate risk insurance in Nepal, aligning expectations and timelines as well as identifying key informants for the project. -Desktop review and remote discussions with key informants to analyse the policy and regulatory environment on climate risk insurance for MSMEs and agriculture in Nepal, review existing and recent index insurance solutions implemented in Nepal. -Remote and on-site engagements with relevant personnel at NIA, Nepal and NIA identified insurers on assessing their interest, capacities and gaps for enabling and executing the proposed project. -Remote and on-site engagements with existing IT platforms that can enable the proposed V20 SIF-NIA; Nepal project and assess their suitability and needed adaptations and estimate costs thereof, if any -Draft a high level project plan based on insights gained during the efforts listed above. -Coordinate a on-site workshop (to be hosted by NIA, Nepal) to present the key findings of the efforts listed above and also present the project plan for feedback from local stakeholders and V20 SIF. -Draft a final project report , inclusive of the final project plan (detailing timelines, resources needed. Capacity building required etc.) and get sign off from NIA, Nepal and V20 SIF. The consultant shall be under the overall supervision of Team lead UNEP PSI and will directly report to global coordinator, V20 SIF. The consultant will work closely with Asia-Pacific coordinator, V20 SIF as well as personnel from NIA, Nepal.
Qualifications/special skills
Academic background • A Master’s degree in Business Administration; Management; Marketing; Economics; Livelihoods and Employment; Gender Studies; Social Development, or any related field. Experience • At least 10 years of experience in working on inclusive insurance/climate smart insurance/MSME oriented insurance solutions and related projects.
Additional Information
Skills & knowledge • Demonstrated experience in leveraging IT solutions and platforms for inclusive insurance solutions is a strong advantage. • Demonstrable proficiency in project plan development capacities especially in the inclusive insurance and agriculture insurance space. • Desirable experience in facilitating meso and macro level interventions inclusive finance and/or inclusive insurance space, feasibility studies, entrepreneurship, green economy, circular economy, environmental engineering, resource management and related disciplines. • A clear description of the Individual Consultant’s ability and track history in supporting the design and deliver a clear, structured, and comprehensive project plan.
