UNCDF Jobs - 48440- Regional Inclusive Insurance Specialist UNCDF

Regional Inclusive Insurance Specialist UNCDF

Advertised on behalf of

UNCDF

Location :

Suva, FIJI

Type of Contract :

FTA International

Starting Date :

15-Sep-2014

Application Deadline :

25-Aug-14 (Midnight New York, USA)

Post Level :

P-3

Duration of Initial Contract :

One year (renewable)

Languages Required :

English

Expected Duration of Assignment :

UNDP is committed to achieving workforce diversity in terms of gender, nationality and culture. Individuals from minority groups, indigenous groups and persons with disabilities are equally encouraged to apply. All applications will be treated with the strictest confidence. UNDP does not tolerate sexual exploitation and abuse, any kind of harassment, including sexual harassment, and discrimination. All selected candidates will, therefore, undergo rigorous reference and background checks.

Background

The Pacific Financial Inclusion Programme (PFIP) is a joint programme of the United Nations Capital Development Fund (UNCDF) and United Nations Development Programme (UNDP). PFIP receives funding support from the Australian Government’s Department of Foreign Affairs and Trade (DFAT), the European Union/Africa, Caribbean and Pacific Inclusive finance Framework Programme (EU/ACP), and the European Union in Papua New Guinea. The purpose of the PFIP is to increase access to sustainable, appropriate and affordable financial services by low income and rural people in the Pacific Island Countries (PICs). PFIP does this by providing technical advice and assistance to public and private stakeholders and by making performance-based grants to financial service providers. The primary countries of focus of the PFIP are Fiji, Papua New Guinea (PNG), Samoa, Solomon Islands (SOI), Tonga and Vanuatu. PFIP also provides technical support to a similar, multi-donor, joint UNDP/UNCDF programme in Timor-Leste. PFIP is managed by the Pacific Financial Inclusion Adviser (PFIA) and is based in the UNDP Pacific Centre in Suva, Fiji. PFIP reports to an Investment Committee consisting of its donors and the Pacific Islands Forum Secretariat.

The first phase of PFIP ends June 2014. As a result of strong partnerships across the region with central banks, governments, donors and the private sector (e.g. banks, mobile network operators, etc.) PFIP was able to achieve its goal of reaching 500,000 people with affordable, appropriate and sustainable financial services. PFIP will embark on its second phase from July 2014 to 2019 where it will aim to deepen financial access to an additional 500,000 previously unbanked, low-income people in the region.
Despite the rapid growth of the inclusive finance industry in the past ten years, it is estimated that between two and three billion people still lack access to a broad range of financial products and services on a sustainable basis. The situation is particularly dire in the LDCs, where often more than 90 per cent of the population is denied access to financial services from the formal financial system. UNCDF focuses its strategy on financial inclusion, which is universal access, at a reasonable cost, to a wide range of financial services, provided by a variety of sound and sustainable institutions. The range of financial services includes savings, short and long-term credit, leasing and factoring, mortgages, insurance, pensions, payments, local money transfers and international remittances.
The role of the Regional Inclusive Insurance Specialist (RIIS) is two-fold: To continue to deepen the access to insurance in the countries where PFIP has already begun to develop the inclusive insurance market (Fiji and Papua New Guinea) and to look to replicate successful inclusive insurance projects to increase the access to insurance in other pacific island countries (initially focusing on Vanuatu, SOI and Samoa).

The RIIS position is based with the PFIP Team in Suva, Fiji and will work with the regional team members currently located in PNG, SOI and other countries as they are added. The team consists of UNCDF international staff, UNDP local staff, and local consultants. The RIIS reports to the PFIA.

Duties and Responsibilities

Summary of key functions:

Assist PFIP achieving its goal of reaching an additional 500,000 low-income Pacific Islanders by increasing access to insurance services in the Pacific;
Deepen access to insurance by identifying and developing innovative distribution channels to increase outreach into rural communities;
Develop inclusive insurance markets by providing technical expertise to in-country partners and look to replicate successful inclusive insurance projects launched in the Pacific;
Explore potential for inclusive insurance in one, some or all of Vanuatu, SOI and Samoa by facilitating country diagnostics. Investigate potential partner organizations and scope for inclusive insurance development;
Work with external consultants to conduct research studies and execute projects in the Pacific on inclusive insurance related issues;
Organize and facilitate capacity building workshops for supervisors to promote the development of well regulated and inclusive insurance market based on international insurance standards;
Manage the strategy, planning, budgeting and reporting of inclusive insurance developments of PFIP to the satisfaction of the PFIA;
Develop future (and manage current) inclusive insurance projects and activities that help PFIP achieve its proposed outcome, providing timely advice and oversight to help partners achieve their objectives;
Builds and support partnerships and cooperation with donors, stakeholders, policy makers and others to build awareness about insurance, through regular interaction with stakeholders and assists in the planning and execution of PFIP events in the region.

Deepen the access to inclusive insurance in PFIP countries of work:

Develop the inclusive insurance in Fiji by working with partners to expand current pilot projects to additional locations;
Identify other intermediaries in Fiji, PNG and Timor-Leste to replicate successful inclusive insurance business models;
Scope out the market and persuade life and non-life insurers to expand insurance coverage to potential middle and low income segments;
Provide technical inclusive insurance expertise to PFIP’s grantees and build capacity among their agent/ broker network and other intermediaries;
Provide technical assistance and effectively liaise with grass root organizations for promoting and educating clients about inclusive insurance products;
Provide technical inclusive insurance expertise to INFUSE project team to further their inclusive insurance efforts in Timor-Leste. Work with in-country staff to capacity build insurance companies and investigate potential distribution channels, deepening access to inclusive insurance;
Facilitate up-scaling of inclusive insurance pilot in PNG and document lessons learnt;
Investigate and develop innovative distribution channels drawing on knowledge gained from international best practice case studies.

Investigate the potential for inclusive insurance in Vanuatu, SOI and Samoa and identify the country which is most suitable for a pilot:

Conduct (facilitate) country diagnostics to determine the scope for inclusive insurance to develop. This will involve assessing the:
Regulation of insurance: Identify any key barriers for inclusive insurance development;
Supply side: Identify key insurance players and supply of insurance products in country. Determine whether the low-income market is being catered for in terms of product offering;
Demand side: Investigate potential distribution partners for inclusive insurance, ensuring a large target market is obtainable;
Determine which country is optimal for inclusive insurance to develop, work on launching inclusive insurance projects in that country;
Critically assess alternative countries and determine which is optimal to seek to launch a pilot inclusive insurance scheme;
Build capacity of regulator on optimal inclusive insurance regulations. Help frame key amendments needed to the insurance regulation in order for inclusive insurance to flourish;
Build capacity of insurance partners, enabling them to effectively offer inclusive insurance products;
Identify and build capacity of distribution channels to offer inclusive insurance products to their members;
Look to replicate successful models developed in Fiji and Timor-Leste, building on lessons learnt and adjusting strategy to fit the local context

Organize and facilitate capacity building workshops for supervisors to promote the development of well regulated and inclusive insurance market based on international insurance standards:

Organize capacity building workshops for insurance supervisors within Central Banks who are members of the Pacific Islands Working Group (PIWG) to promote better prudential oversight and regulatory certainty which would lead to development of insurance market;
Identify technical assistance needs of insurance supervisors within PIWG and address the gaps based on each country’s supervisory capacity and national priorities;
Identify the feasibility of conducting regulatory diagnostic studies to understand the prudential, institutional, market conduct and product barriers to inclusive insurance expansion;
Help supervisors in countries to define inclusive insurance business and identify enabling regulatory factors for expansion of existing inclusive insurance pilot projects;
Assess the compliance of supervisors within PIWG to the inclusive insurance core principles as laid out by IAIS;
Manage all communications with insurance supervisors and participate in the PIWG annual meetings and report progress to PIWG Chair and members.

Identify, vet, assess, and monitor new inclusive insurance projects and activities, monitor the progress of projects against performance indicators and ensure problems are identified early and remedial steps proposed:

Identify technical assistance needs of partners and develop technical terms of reference for consultants to support grantees or other PFIP activities;
Oversee the development of project appraisal documents, conducting analysis, verification visits and due diligence of grant applicants. Assess value for money of proposed projects. Under guidance of PFIA, submit to investment committee consideration;
Work with partners to set performance targets and disbursement condition. Ensure that projects provide for reaching low income and rural households, including a high percentage of women (target 50%). Work with funded partners to encourage service delivery that better meets the needs of these populations;
Manage a reporting schedule for partners and monitor the receipt and quality of reports. Provide analysis and feedback to partners;
Under the guidance of the Regional Results Measurement Advisor (RMA) undertake regular contact with partners to monitor the implementation of projects supported by grants from PFIP. Assist partners in fulfilling reporting requirements;
Based on the findings of the monitoring visits, prepare regular progress reports on grantees for the purpose of reporting to the Investment Committee by project management.

Knowledge generation and Knowledge Sharing / PFIP and Stakeholders are informed on current trends, market conditions, and special topics as needed:

Develop knowledge sharing material on inclusive insurance;
Develop the content for raising awareness on inclusive insurance through information exchange forums which can be held in countries with potential for inclusive insurance development;
Represent PFIP at international inclusive insurance events, present key learning and findings to international inclusive insurance community;
Investigate the potential of offering additional inclusive insurance fellowships;
Identify optimal location for placement of fellows, develop the TORs, assist in interview process, provide support for inclusive insurance fellow once on site;
Facilitate the development of inclusive insurance content for the biennial Pacific Microfinance Week;
Contribute to PFIP technical notes, highlighting challenges, opportunities and successes in the Pacific region relevant to inclusive insurance;
Make sound contributions to knowledge networks and communities of practice in inclusive insurance on behalf of PFIP through identification and dissemination of best practices and lessons learned;
Contribute, as appropriate, to global knowledge sharing efforts on inclusive insurance to share information on the Pacific.

Impact of Results

Results of the work of the Specialist will be a significant contribution to the PFIP achieving its outcome of additional 500,000 low-income clients served in the second phase of PFIP 2014-2019. This will require the development of sound inclusive insurance projects in the Pacific region by developing and overseeing projects inclusive are operated under a conducive and enabling environment to maximize impact of financial inclusion.

Competencies

Functional Competencies:

Excellent speaking and writing skills in English are necessary;
Excellent analytical skills;
Ability to do public speaking, including facilitating working groups or workshops;
Strong oral and written communication skills;
Proven ability to manage projects;
Strong IT skills, including ability to work regularly with MS Word, Excel, Outlook and PowerPoint;
Proven cross-cultural communication, able to function effectively in an international, multicultural environment;
Experience in the Pacific is preferred;
Ability to travel regularly in the Pacific region (up to 30% of work time);
Experience working comfortably within or with commercial entities;
Ability to work comfortably with financial service regulators;
Focus on impact and results for clients and stakeholders;
Builds trust in interactions with others;
Takes initiative and calculated risks, based on clear analysis;
Approaches challenges creatively and effectively, and resolves conflicts;
Takes decisions thoughtfully and in a timely manner;
Demonstrates integrity, exhibits high ethical standards;
Approaches work with energy and a positive, constructive attitude and responds positively to feedback;
Committed to team work, working with other stakeholders;
Remains calm, in control and good humored even under pressure;
Demonstrates openness to change and ability to manage complexities, and resolve problems.

Corporate Competencies:

Demonstrates integrity and fairness by modeling UN values and ethical standards;
Displays cultural and gender sensitivity and adaptability;
Treats all persons fairly without favoritism;
Shows strong corporate commitment;
Promotes the vision, mission and strategic goals of UNCDF and UNDP.

Required Skills and Experience

Education:

A Masters degree in economics, public/business administration, social sciences, or related discipline.

Experience:

A minimum of five years’ experience working in traditional and inclusive insurance sector including a minimum of three years’ inclusive insurance experience coordinating with supervisors and insurance companies;
Experience in business development of life or non-life products, training and managing intermediaries, and good understanding of insurance processes in traditional insurance;
Prior experience working on projects in traditional insurance companies managing right from product design, piloting, business development, processes to reporting and budgets;
Experience working for multi-lateral or bi-lateral donor organizations carrying out market scoping, feasibility assessments, demand research and identifying potential market segments for expanding inclusive insurance coverage;
Experience advising insurance companies across multiple countries on best practices on product development, distribution, risk management and client education aspects to reach urban and rural uninsured middle and low income segments;
Experience working with supervisors across jurisdictions, consulting or managing projects on regulatory diagnostic assessments and a good working knowledge of the supervisory frameworks on inclusive insurance;
Experience working with bi-lateral and multi-lateral donors for advancing innovative approaches to extend insurance outreach to social welfare or cash transfer beneficiaries;
Experience managing large scale evaluation projects in inclusive insurance for measuring operational and financial performance across multiple countries and defining key metrics for measuring impact;
Experience in advancing innovative concepts in distribution, risk pooling, client education in inclusive insurance across multiple countries;
Experience in resource mobilization for inclusive insurance projects and strong understanding of recent developments in the inclusive insurance space.

Language:

Fluency in written and spoken English.