UNEP Finance Initiative ( UNEP FI) Consultant (Short term consultant to V20 Sustainable Insurance Facility) – Sri Lanka

Result of ServiceIdentification of challenges being faced by Regional Development Bank of Sri Lanka in scaling up agriculture insurance solutions and their premium financing efforts and developing a project plan to implement the steps needed to adapt the existing insurance solution and its premium financing efforts for proposed scaling up efforts. The project plan so developed will define the timelines and the resource requirements both financial and in terms of technical capacities and human resources. The consultant will also identify the capacity building requirements of Regional Development Bank and its insurance team and related stakeholders including the local insurance industry towards the scaling up of RDB’s climate smart insurance solutions. The outcomes of the services will be to strengthen the UNEP FI’ V20 SIF’s implementation of its mandate to support the development of climate smart insurance projects for MSMEs and agribusinesses in a V20 market i.e. Sri Lanka. Work LocationWorking remotely and Onsite in Colombo, Sri Lanka Expected duration4 months Duties and ResponsibilitiesThe United Nations Environment Programme (UNEP) is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system and serves as an authoritative advocate for the global environment. The overall objective of the UNEP’s Economy Division is to encourage decision makers in government, local authorities and industry to develop and adopt policies, strategies and practices and technologies that promote sustainable patterns of consumption and production, make efficient use of natural resources, ensure safe management of chemicals and contribute to making trade and environment policies mutually supportive. It promotes the development, use and transfer of policies, technologies, economic instruments, managerial practices and other tools that assist in environmentally sound decision making and the building of corresponding activities. The United Nations Environment Programme Finance Initiative (UNEP FI) is the strategic partnership between the United Nations and over 300 banks, insurers and investors. For over 28 years UNEP FI has been shaping and driving the international sustainable finance agenda, setting global standards and growing a global network of leading financial institutions. Through its work-streams and regional activities, peer learning, methodology development, training and research, UNEP FI promotes sustainable finance and helps the financial industry align with and contribute to the Paris Agreement and Sustainable Development Goals. The V20 led Sustainable Insurance Facility (SIF) is a project pipeline development facility, convened under the Principles for Sustainable Insurance initiative (PSI) to assist the Vulnerable 20 (V20) membership in scoping the financial protection needs of Micro, Small and Medium enterprises (MSMEs) in the context of climate change and facilitate project concept note and proposal development under the leadership of the V20 Finance ministries. The SIF builds on the demand expressed by the V20 Risk Focus Group during the V20 Asia-Pacific Regional Meetings at the Asian Development Bank in Manila in 2017. The SIF is operationalized through the SIF Project Office hosted by the UN Environment Programme’s Principles for Sustainable Insurance (PSI) supported through the Munich Climate Insurance Initiative (MCII), and operate under the guidance of the V20. The work of the Office is included in the V20 Work Plan and currently funded by the German Federal Ministry for Economic Cooperation and Development (BMZ). Hosted by PSI, the SIF Secretariat team builds on PSI’s positioning as a global convener to fulfil the core mandate of the SIF, which is developing country demand-driven proposals and functioning as an impartial matchmaker to link implementation demand and supply. The PSI’s global convening power and industry networks supports the SIF in building regional and local insurance capacities. Moreover, the SIF secretariat leverages the PSI network to identify and realize collaborative potentials between the global and local industry and integrate PSI’s expertise on insurance industry perspectives on climate resilience and low carbon growth. Hosted in PSI, the SIF is also well-positioned to promote the V20’s sustainable insurance interests on a global level, including through the InsuResilience Global Partnership, the Insurance Development Forum, the Task Force on Climate Related Financial Disclosure and the Sustainable Development Goals. Under the direction and supervision of the PSI Programme Leader, the Consultant will support the development of a comprehensive project plan aimed at addressing challenges related to the adoption of climate-smart insurance solutions for borrowers of the Regional Development Bank (RDB) in Sri Lanka, in accordance with V20 SIF’s mandate to develop a pipeline of climate smart insurance solutions for MSMEs and agribusinesses in V20 Markets. In doing so, the Consultant will also liaise with the wider V20 SIF/PSI/UNEP FI team and the Regional Development Bank of Sri Lanka team, particularly the PSI Programme Supervisor, V20 SIF global coordinator and the V20 SIF coordinator for Asia-Pacific. As risk managers, insurers and investors, the insurance industry is uniquely positioned to promote economic, social and environmental sustainability—in other words, sustainable development. Objectives and outputs expectations: • Kick off calls with V20 SIF and RDB, Sri Lanka teams to align expectation on deliverables, establish timelines and identify key informants to be engaged for the project. • Undertake a review of existing agriculture insurance solution under implementation by Regional Development Bank of Sri Lanka, also review the regulatory and policy environment around climate smart insurance solutions in Sri Lanka. • Undertake in person engagements with the key personnel at RDB, Sri Lanka including its insurance team and related stakeholders such as its partner insurers etc to review capacities and gaps, if any, in offering the existing agriculture insurance solution, including the review of its current premium financing support being offered to its borrowers. • Undertake 4 to 6 focussed Group Discussions with existing borrowers and customers enrolled into the agriculture insurance program to validate the issues identified by RDB personnel as well as gather insights on preferable agriculture premium financing ideas. • Coordinate a stakeholders workshop to present findings from the steps above and a high level outline of the proposed Project plan (including timelines and resource requirements) for feedback • Draft the final project report and project plan and seek feedback from V20 SIF and RDB, Sri Lanka for finalisation. Specific tasks and responsibilities: Tasks: -Undertake a desktop review of existing climate risk mitigation solutions provided by RDB for farmers and MSME borrowers. -Assessment of the the impact of extreme weather events on the RDB portfolio through on-site engagements, utilizing supply side data and collaborating with RDB management and staff. -Analyze the capabilities and deployment of the agriculture insurance program by engaging with the Insurance team of RDB, evaluating sales approaches, policy management, claims processing, and consumer education. -Evaluate RDB's efforts to enhance the affordability of agricultural insurance offerings, including initiatives such as soft loans and revolving funds. -Conduct focused qualitative market research, including 4 to 6 FGDs with RDB's borrowers and stakeholders, to validate issues identified by RDB. -Coordinate a stakeholders' workshop to present key findings and suggest improvements in premium financing support and alternative risk financing models for RDB borrowers. -Draft a final project report summarizing findings and recommending next steps based on consensus between RDB and V20 SIF and get RDB and V20 SIF sign off on it. The consultant shall be under the overall supervision of Team lead UNEP PSI and will directly report to global coordinator, V20 SIF. The consultant will work closely with Asia-Pacific coordinator, V20 SIF as well as personnel from RDB, Sri Lanka. Qualifications/special skillsAcademic background • A Master’s degree in Business Administration; Management; Marketing; Economics; Livelihoods and Employment; Gender Studies; Social Development, or any related field. Experience • At least 10 years of experience in working on inclusive insurance/climate smart insurance/MSME oriented insurance solutions and related projects. LanguagesLanguages • Full proficiency in English required, proficiency in Singhalese an advantage. Additional InformationSkills & knowledge • 10 years of experience in working on inclusive insurance/climate smart insurance/MSME oriented insurance solutions. • Demonstrable proficiency in project plan development capacities especially in the inclusive insurance and agriculture insurance space. • Demonstrable experience in conducting qualitative research in the context of inclusive insurance, inclusive finance etc. Experience of undertaking behavioural economics driven product and financing design efforts in the inclusive finance and inclusive insurance sector a strong advantage. • Desirable experience in facilitating meso and macro level interventions inclusive finance and/or inclusive insurance space, feasibility studies, entrepreneurship, green economy, circular economy, environmental engineering, resource management and related disciplines. • A clear description of the Individual Consultant’s ability and track history in supporting the design and deliver a clear, structured, and comprehensive project plan. No FeeTHE UNITED NATIONS DOES NOT CHARGE A FEE AT ANY STAGE OF THE RECRUITMENT PROCESS (APPLICATION, INTERVIEW MEETING, PROCESSING, OR TRAINING). THE UNITED NATIONS DOES NOT CONCERN ITSELF WITH INFORMATION ON APPLICANTS’ BANK ACCOUNTS.