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Individual Consultant to develop a Diagnostic report for Inclusive and Risk financing for India.
|Location :||New Delhi, INDIA|
|Application Deadline :||24-Jan-22 (Midnight New York, USA)|
|Type of Contract :||Individual Contract|
|Post Level :||National Consultant|
|Languages Required :||English|
|Duration of Initial Contract :||25 January 2022|
|Expected Duration of Assignment :||Expected Duration of Assignment: 10 weeks|
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.
The United Nations Development Programme (UNDP) is a global organization with 17,000 staff working in approximately 170 offices towards supporting governments in developing strong policies, institutions, and partnerships to achieve the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals.
UNDP's policy work carried out at HQ, Regional and Country Office levels forms a contiguous spectrum of deep local knowledge to cutting-edge global perspectives and advocacy. To streamline its financial and investment engagement, UNDP launched the Finance Sector Hub, a finance and innovation platform, that draws on a critical mass of UNDP expertise, initiatives, and partnerships to support the mobilization and leveraging of resources for the SDGs and lead the implementation of the new UNDP private sector strategy and other initiatives.
UNDP’s Work on Insurance and Risk Financing
The collaboration between the insurance industry and the development sector has grown significantly over the last five years. Key initiatives, such as the Insurance Development Forum, InsuResilience Global Partnership and the Ocean Risk and Resilience Action Alliance, have evolved into significant policy and standard setting partnerships, bringing together countries, the development sector, and the private and mutual/cooperative sectors of industry. Increasingly, these partnerships are moving beyond policy to programming, with a strong focus on not only delivering insurance and risk financing solutions to countries and communities, but also on long-term transformational change of insurance markets.
UNDP’s growing work in this space has led to the creation of a flagship initiative on insurance and risk finance, and the creation of a dedicated facility for supporting UNDP Country Offices and country partners worldwide, within the newly created Finance Sector Hub. This work covers a range of critical areas where insurance and risk transfer solutions and collaboration with the industry can add significantly to achieving and delivering on the Sustainable Development Goals (SDGs.) Covering inclusive insurance, sovereign risk financing, insurance investments, natural capital, health, SME development and more, UNDP will work towards developing and delivering insurance solutions together with countries and communities, as well as collaborating with partners to transform insurance markets through enhancing legislation, regulation and institutional capacity.
As part of UNDP’s growing work in the inclusive insurance and risk finance space, it has been conducting diagnostic exercises in several countries to understand the contexts, gaps and opportunities for collaboration and technical assistance. The scope of the diagnostic covers inclusive insurance, risk financing, insurance investments, natural capital, health, SMEs and insurance in development, that is tailored to a country’s development needs. The same exercise is now planned for implementation in India to review the issues relevant to the inclusive insurance and risk finance landscape in India. The diagnostic will examine supply and demand issues, the legislative and regulatory environment through to community needs relative to risk management. This exercise will also explore how UNDP can support and scale up interventions through collaborations with key partners including relevant government partners.
Diagnostic report for Inclusive Insurance and Risk Finance
As part of the increasing operationalisation of the work of the Facility - in part through the start of the work of the Tripartite Agreement between UNDP, the Insurance Development Forum, and the German government – there is a need to prepare a full diagnostic review of all issues relevant to the Inclusive Insurance and Risk Finance environment in India. This diagnostic will examine supply and demand issues, everything from the legislative and regulatory environment through to community needs, the potential for how insurance and the INFF process can be linked, for inclusive insurance and risk finance, through to insurance investments and natural capital.
Rationale and Objectives
The general objectives of the country diagnostic include:
Specifically, the diagnostic will explore:
Scope of diagnostic
The diagnostic will cover significant ground across the inter-related areas of insurance and risk finance. It will articulate the evolution of the supply side, develop a picture of the demand side, the gaps and opportunities in the environment (i.e. government attitude and support, existing government insurance schemes, current legal and regulatory environment including relevant public finance allocations, regulators’ capability and passion to develop the market, the financial status of insurance companies in the country, the attitude and approach of insurance companies to develop new opportunities and reach new markets, requirements for inclusive insurance product development, etc.) and complete country profiles that cover information relevant for inclusive insurance such as, providing demographic, socio-economic and sectoral contexts.
Structurally, the diagnostic will cover the following five areas:
4 - Insurance/Risk Finance and Development Integration:
5 - Additional information for the Insurance and Risk Finance Team, specifically in the areas of Investment and Natural Capital.
Approach and Methodology1
A significant part of the diagnostic will be qualitative and based on interviews and questionnaires, which get to grips with perceptions, understanding government dynamics, exploring needs and priorities in detail. The traditional sequence of completing the diagnostic exercise is enumerated below, with room for adjustments, as needed.
The main objective of the assignment is to lead the development of a diagnostic report by the UNDP India Country Office for inclusive insurance and risk finance for India
Duties and Responsibilities
The assignment will involve the following:
Expected outputs and deliverables
Outline of the report includes:
Underlying Risk and Development Information
Market Conditions for Inclusive Insurance
Existing Assessments of Disaster Risk
Insurance and Risk Finance and Development Integration
The assignment will be for a duration of up to 50 working days within a period of ten weeks.
UNDP may request examples of past publications from applicants as part of the evaluation process.
Language Requirement: English
Required Skills and Experience
University degree (Masters or above) in business administration, economics, actuarial science, or other relevant disciplines is required
The award of the contract shall be made to the individual consultant whose offer has been evaluated and determined as Responsive to the requirement. Having received the highest score out of a pre-determined set of weighted technical and financial criteria specific to the solicitation.
Only candidates obtaining a minimum of 49 points (70% of the total technical points) would be considered for the Financial Evaluation;
• Technical Criteria weight - 70%;
• Financial Criteria weight – 30 %
1. Criteria 1: Prior Experience and knowledge of insurance sector (20%)
2. Criteria 2: Demonstrated Knowledge on Quantitative and Qualitative Evaluation (20%)
3. Criteria 3: Multi-stakeholder coordination (10%)
4. Criteria 4: Expertise and research credentials demonstrated through interview (20%)
Technically qualified consultants will be requested to submit their lump sum rate i.e. consultants who score more than 70% i.e. 49 marks with respect to the above-mentioned technical evaluation criteria. Consultant should not specify their consultancy fee on their CV or with the submission. The CV will not be evaluated further in case the consultant submits the same.
Payment Scheduled: Payments will be deliverable linked per the following schedule of payments:
Duty station, travel and institutional arrangement