Please find below the
The focus on strengthening resilience of vulnerable population dependent on informal economy and tourism MSMEs is critical. The proposal clearly articulates the issues and the needs of the target group. The proposed approach of designing multi-scalar solution focusing at individual/hh and MSME level and based on different layers of risk is robust. However, the proposal would have benefited from discussion on possible uptake of such products once developed.
Interesting idea, especially that both the MSMEs and the individual employees seem to be benefiting. However that distinction would need more clarity. In addition, discussions around the TLI vis-a-vis other types of insurance schemes (if available) for MSMEs would require some discussion.
Thank you very much for your proposal to our contest. Our judges have selected your proposal to advance to the Semi-Finalists round. For the revision phase, we would like to provide you with some feedback from the judges that should help you improve your proposal and address open questions for the finalist round:
Our judges think that the proposal looks at an important aspect of strengthening financial preparedness among MSMEs involved in the tourism sector. The suggestion to have a combination of pooled employee disaster relief fund and parametric insurance is good, however, further work needs to happen to understand how the two instruments will sit together (especially in the context of different risk layers). It will also be important to see how the proposed financial preparedness measures fit within the wider risk management framework, and what measures can be introduced to help these MSMEs reduce their risk.
For the next phase, the judges would furthermore like to ask you to elaborate on the project’s target group along indicators such as poverty rates and/or levels of vulnerability. Please also provide more details on who will develop the modeling for the TLI and on the timeline with regard to the gap between the creation of the TLI and its use for the development of an insurance product (3 years).
Please note also that, as semi-finalists to the contest, you are requested to provide a detailed budget for the spending of the seed funding (40,000 euros) that the team winning the Judge’s choice award will be granted for the implementation of their proposal.
Please also clarify whether your proposal is receiving or expecting to receive additional funding from other sources ("The team has also been accepted by one of the world's premier entrepreneurship incubators to develop this product.").
Good luck and all the best,
The contest fellows
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