The University of Hyderabad has signed a Memorandum of Understanding (MoU) with the MicroInsurance Innovation Hub (MIIH) to collaborate on a range of initiatives aimed at advancing the field of microinsurance. This partnership will focus on several key areas, including capacity development, research, data-driven innovation, and the promotion of sustainable development. Prof. Debashis Acharya, School of Economics, will be the Coordinator. Supriya Goli, ED, MIIH, will represent MIIH as its Coordinator. The MoU was signed by Mr Kamalakar Sai Palavasala, Founder Associate, MIIH, and CEO of MicroNsure, and Dr Devesh Nigam, Registrar, University of Hyderabad. Prof. B J Rao, Vice Chancellor, addressed the gathering, welcomed this knowledge partnership and wished both parties successful collaboration. Prof. R Vijay, Dean, School of Economics; Prof. Samrat Sabat, Director, RDC, UoH; Mr. Ashish Jacob Thomas, PRO, UoH, Sri Maithra Dasari, Syeda Farah, Alekhya Vakalapudi, Aditi, Ayesha Siddekha, and Sunnam Naresh from MIIH and MicroNsure were present at the signing of the MoU.
The parties, through this MoU, would engage in the following activities about microinsurance penetration and insurance inclusion.
Stakeholder Engagement: Collaborate with key players (T-Hub, insurers, NGOs) to leverage expertise, train stakeholders, and foster knowledge sharing.
Data-Driven Innovation: Conduct research, leverage data analytics to design innovative microinsurance products, and test them through pilot projects.
Knowledge Management: Conduct research, create informative resources, and raise awareness about microinsurance benefits.
Policy Advocacy: Advocate for supportive microinsurance regulations through research and stakeholder engagement.
Sustainability & Growth: Secure diversified funding, continuously improve programs, and develop a plan for future scalability.
Some of the deliverables include the following.
Capacity development programs: Train stakeholders on microinsurance fundamentals, product development, and distribution strategies. Partner with academic institutions to offer specialized microinsurance courses.
Knowledge generation: Develop and disseminate research reports, white papers, and case studies on microinsurance best practices. Create a knowledge repository for stakeholders to access relevant information.
Resource generation and dialogue: Collaborate in publishing the monthly magazine, PULSE, featuring microinsurance trends and expert insights.
Organize Conferences on Microinsurance to foster collaboration and knowledge sharing.
Sustainable development impact assessment: Track the impact of MIIH
This MoU marks a significant step in advancing microinsurance knowledge, innovation, and practice in India and beyond, contributing to insurance inclusion, Viksit Bharat, and IRDAI’s objective of Insurance for all and the sustainable development goals.