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EC-L1259 : Insurtech as a Tool for Increasing Economic Resilience

Project Status: Implementation

The proposed project seeks to foster inclusion in the insurance market by supporting the expansion of S123. The solution will address the main barriers to inclusion by: (i) lowering the cost of premiums through the expansion of an online aggregation platform that fosters competition among insurance providers and economies of scale; (ii) increasing accessibility by broadening online delivery channels directed at low-income clients; (iii) enticing demand by increasing awareness of the benefits of insurance protection among vulnerable populations through an education campaign; and (iv) rolling out new health and asset protection insurance products tailored to low-income segments.

Project Detail

Project Number
EC-L1259
Approval date
December 16, 2019
Project Country
Ecuador
Project Sector
PRIVATE FIRMS AND SME DEVELOPMENT
Project Subsector
SMALL AND MEDIUM ENTERPRISE
Project Type
Loan Operation
Environmental and social impact category
C
Project Status
Implementation
Operation Number
4949/MS-EC

Financial Information

Project Number
EC-L1259
Project Status
Implementation

IDB Financing

Financing type
MIF
Fund
MIF-Small Enterprise Investment Fund
Reporting currency
USD - United States Dollar
Reporting date
Jun/24/2022

Roles & Responsibilities

Contract signature date
Mar/30/2020

Project Information

Total Cost
USD 650,000
Country counterpart financing
USD 50,000
Amount
USD 600,000

Approved

Title
Type
Project Number
Date Published
Donors Memorandum
EC-L1259
November 03, 2020
Donors Memorandum
EC-L1259
November 03, 2020