Background: The COVID-19 pandemic and the resulting economic crisis has a significant impact on the financial situation of (informal) businesses and households. For DRF solutions to be effective to the vulnerable, it is critical to ensure that the design of these solutions would consider the specific needs and characteristics of different population segments. However, such demand-driven products can be developed only by involving the different customer or beneficiary segments in product development.
Considering this, this session explores why and how to develop demand-driven DRF solutions together with the customers and beneficiaries. More precisely, the following is addressed:
Why should customers and beneficiaries be involved in developing DRF solutions?
How have low-income households and informal businesses been involved so far in developing insurance and risk transfer solutions to meet their needs?
What are the obstacles in developing demand-driven products for micro and small businesses in particular? How can it be ensured that inclusive insurance products and climate risk insurance products remain affordable for these segments? How should an insurance product be designed so that the target group opts in in a post COVID-19 time?
How can the informal sector be involved more effectively? What are the approaches to co-designing products? What does the private sector and regulators need to do to understand the needs of the low-income informal sector? How can collaboration be facilitated?