Swisscontact – Livestock Insurance

The Bangladesh Microinsurance Market Development Programme (BMMDP) is spearheading the “Livestock Insurance Facilitation through Veterinary and Related Value-Added Services” project, which focuses on enhancing the awareness and accessibility of livestock insurance for small-scale rural farmers, particularly women. With funding from the Swiss Agency for Development and Cooperation (SDC) and managed by Swisscontact, the project seeks to address the critical gap in livestock insurance awareness and uptake, thereby promoting financial security and climate resilience in rural communities.

The project began with a thorough setup phase that included hiring key staff, establishing operational frameworks, and securing partnerships with insurance stakeholders such as Swisscontact and GDIC. A successful kick-off meeting helped align all involved parties, clearly setting out the project’s objectives, roles, and timelines. To promote demand and build trust, the project engages closely with local federations and organizations to organize awareness sessions tailored for farmers who may not be familiar with livestock insurance, even if they are knowledgeable about other insurance forms.

Additionally, a network of community volunteers has been created and trained through a careful selection process, enabling them to assist in outreach efforts and serve as local advocates for insurance adoption. Field visits to farmers’ federations have offered crucial insights into existing livestock management practices, showcasing how insurance products can bolster the economic stability of rural households. These efforts not only enhance rural resilience and financial literacy but also play an important role in closing the gender digital divide by equipping women farmers with essential financial resources.

As this project continues, it sets a solid foundation for creating a sustainable, inclusive insurance ecosystem that will benefit the livelihoods and long-term prosperity of rural farming communities in Bangladesh.

BFP-B (DFID) – Finance for MSEs

The “Finance against Merchandise and Outsourcing Services for MSE E-commerce Retailers” project, implemented by Systems Solutions & Development Technologies Limited (SSDTech) in collaboration with e-Courier Limited and Mind Initiatives Limited, aimed to improve financial access for women-owned Micro and Small Enterprises (MSEs) in Dhaka’s e-commerce sector. These businesses struggled to access formal finance due to insufficient documentation, poor inventory management, and lack of collateral.

To tackle these issues, the project established mechanisms for collateral security and outsourced back-end operations. MSEs were categorized as “bankable” or “non-bankable.” Bankable MSEs received working capital from banks, while non-bankable MSEs received advances from e-Courier.

Outsourcing services included inventory management, fulfillment, payment processing, and financial management, which boosted operational efficiency and allowed MSEs to focus on growth. Capacity-building advisory services were also provided to improve financial management and help MSEs qualify for bank financing.

As a result, 800 merchants began selling through e-commerce platforms, with 50% of them becoming eligible for financing from banks or Non-Banking Financial Institutions (NBFIs). The project disbursed loans totaling Tk. 150 to 160 million, leading to increased sales turnover and facilitating financial inclusion and growth for e-commerce MSEs.

UNCDF – Microinsurance for Micro-Merchants

The “Piloting Microinsurance Services for Micro-merchants in Bangladesh” project, executed by Carnival Assure Limited with the support of the United Nations Capital Development Fund (UNCDF), aimed to provide customized insurance services to micro-merchants in rural regions, addressing risks such as business damage, medical emergencies, and accidental injuries. Focusing on the Sherpur and Jamalpur districts, the initiative engaged local resellers and MSMEs (Micro, Small, and Medium Enterprises) to raise awareness about microinsurance and demonstrate its potential to safeguard small businesses.

Carnival Assure provided core services that involved customizing microinsurance products specifically designed to meet the primary risks faced by micro-merchants, such as product damage and health-related issues. The onboarding of 263 MSME resellers exceeded the initial target, leading to broader coverage through a network of 6,500 reselling points across Bangladesh. A significant achievement was the deployment of a Management Information System (MIS) that facilitated efficient tracking of data on resellers and insurance sales, enhancing overall project management. To ensure effective use of the platform, training programs were organized for staff and resellers, focusing on insurance products, sales strategies, and platform operation. Field activation activities in Sherpur and Jamalpur boosted the visibility of the microinsurance program.

Additionally, a survey of 300 MSMEs was conducted to assess their specific insurance needs and business risks, further informing service development. Partnerships with value chain partners, like Tawhid Enterprise and Kazi Dawakhana, aided in the distribution and promotion of microinsurance within the targeted districts. Ultimately, 50 MSMEs successfully enrolled, receiving one-year insurance policies with fully paid premiums, thus securing financial protection for these small businesses. Overall, the project effectively demonstrated how microinsurance could enhance financial security and business resilience, with plans to scale the initiative nationwide through its expanding network of resellers.

Square Toiletries Ltd – Supermom Diapers

In 2019, Carnival Assure partnered with Square Toiletries Limited, one of Bangladesh’s leading diaper manufacturers, to launch a first-of-its-kind initiative that bundled free health and life insurance with Supermom Diapers. Through this groundbreaking model, every purchase of Supermom provided families with monthly insurance coverage for both parents and their baby—at no additional cost. Over the course of the project (November 2019 to December 2022), more than 161,000 families benefited from this protection, with a total premium value of BDT 2,671,800. The initiative not only ensured peace of mind for parents but also set a new benchmark by integrating essential financial security into everyday consumer products. Square Toiletries gained stronger customer loyalty and brand differentiation by positioning Supermom as a symbol of care and protection, while Carnival Assure demonstrated market innovation by introducing the first FMCG-integrated insurance model in Bangladesh. Recognized for its impact, this initiative won the Bangladesh Innovation Award 2022 in the Innovation in Insurance category, underscoring how collaboration between consumer brands and insurance providers can drive both customer value and social impact.