The Insurance Innovation Challenge 2025 (Tanzania)

Technically supported by UNDP Accelerator Lab Tanzania the challenge will be organized in partnership and collaboration with the Association of Tanzania Insurers (ATI) and the Tanzania Insurance Regulatory Authority (TIRA).

The event will be structured to facilitate the development of innovative ideas over a short, intensive period, with participants working in teams to address specific challenges.

Objectives

• The primary objectives of the Innovation Hackathon in Tanzania are:
  • Stimulate Innovation: Encourage the development of innovative insurance products and services that are tailored to the needs of underserved populations in Tanzania.
  • Enhance Financial Resilience: Increase the financial resilience of Tanzanian communities by providing access to affordable and effective insurance solutions.
  • Promote Inclusivity: Ensure that the developed solutions are inclusive, targeting underserved regions and vulnerable populations.
  • Foster Collaboration: Bring together various stakeholders from the insurance industry, technology sector, and government to collaborate on solving pressing development challenges.
  • Build Capacity: Strengthen the capacity of local insurers and related entities such as innovators and enterprises to innovate and scale solutions that meet the specific needs of the Tanzanian market.

Expected Outcomes

• Increased Insurance Coverage: A significant 5% increase in the number of Tanzanians covered by innovative insurance solutions
•  Pipeline of Innovative Solutions: A robust pipeline of insurance solutions that are scalable, sustainable, and designed to meet the unique needs of the Tanzanian market, contributing to the Financial Sector Development Master Plan (FSDMP) for the Insurance Subsector of having up to Ten (10) new demand-driven insurance products developed by insurance stakeholders by 2030.
• Capacity Building: Enhanced capacity of local insurance companies, intermediaries, and insur- techs to develop and scale innovative products and services.
• Case Studies and Best Practices: Development of case studies and best practices that can be shared globally, encouraging replication and scaling of successful solutions.

Eligibility Criteria

• Eligible Applicants:
  • Applicants must be Insurance intermediaries, aggregators, insur-techs, Fin-techs, distribution channels, and other related private sector actors operating in Tanzania.

Focus of Solutions

• Entities applying to the Insurance Innovation Challenge 2025 must address key development needs through innovative thinking while ensuring:
  • Viability: Solutions must be adaptable to local conditions, demonstrating practicality and effectiveness in the Tanzanian context.
  • Sustainability & Scalability: Solutions should be designed to promote long-term sustainability and scalability, ensuring they can grow and evolve to reach wider audiences over time.

Application Requirements

• All applicants must meet the following criteria:
  • Business Registration (For Established Solutions): Businesses with solutions at the prototype tested, MVP, or market-ready stage must be legally registered and operating in Tanzania.
  • Institutional & Team Capacity: Applicants must demonstrate their organizational and team capacity to develop, test, and implement the proposed solution.
  • Inclusivity & Diversity: Applications from youth, women and disability-owned businesses are strongly encouraged. Solutions that promote gender equality and social inclusion will be prioritized.
  • Location: The business or lead applicant must be based in any region of the United Republic of Tanzania.

For more information, visit UNDP.