Innovision Consulting and Green Delta Insurance PLC jointly hosted the Final Product Design Workshop at Magnolia Banquet Hall, Lakeshore Heights, to unveil and finalize a new microinsurance product tailored for the aquaculture and fisheries sector in Bangladesh. This initiative is a part of Swisscontact’s Bangladesh Microinsurance Market Development Project (BMMDP).
The event brought together over 40 stakeholders, including representatives from regulatory bodies, insurance providers, aquaculture industry actors, and development partners, to collaboratively review and refine a microinsurance product designed to improve risk protection for fish farmers across the country.
The workshop commenced with Innovision Consulting presenting an overview of the project’s objectives and progress, including a recap of insights from the initial design workshop and milestones achieved leading to the current product prototype. A significant highlight was the introduction of Bangladesh’s first fisheries microinsurance app, “Motsho Bondhu,” developed by Innovision. This innovative app offers multiple insurance plans, integrates with Bkash for seamless transactions, provides location sharing for nearby feed and medicine dealers, delivers regular weather updates and early warning systems for extreme weather, features a 24/7 fisheries helpline, includes a knowledge bank, and offers a species-wise feed calculator. These features aim to provide comprehensive support to fish farmers, enhancing their resilience and sustainability in the face of climate-induced challenges.
In the second session, Green Delta Insurance PLC presented findings from extensive field research, including focus group discussions conducted across pilot regions. The presentation detailed region-specific risks, farmer affordability, cultivated species, and local preferences, which directly informed the product’s design. The proposed microinsurance solution covers critical risks, offers accessible premium structures, and integrates user-friendly claims processes, with awareness-building mechanisms and extension service linkages.
Participants, including government officials, feed and hatchery representatives, insurance specialists, and aquaculture experts, engaged in an open discussion to validate and enrich the product design. Valuable suggestions were made around claim timelines, delivery mechanisms, and the need for farmer education to ensure effective uptake.
Following lunch, the final session was co-facilitated by Innovision and Green Delta to incorporate stakeholder feedback and agree on a path forward for product rollout and piloting. The discussion emphasized aligning distribution strategies with existing aquaculture networks and ensuring transparent claims procedures to build trust within farming communities.
The workshop concluded with reflections from distinguished guests. Donna Swiderek, a seasoned microinsurance expert and consultant with Innovision Consulting, traveled from Canada to participate in this critical validation workshop. Her presence highlighted this initiative’s importance, and she admired the consultative approach and the product’s potential to strengthen the resilience of fish farmers. Mr. S. M. Rezaul Karim, Director (Administration) of the Department of Fisheries, commended the collaborative spirit of the initiative and encouraged broader adoption of insurance mechanisms to secure livelihoods in the fisheries sector.
This initiative forms a critical component of the BMMDP, implemented by Swisscontact with the goal of catalyzing an inclusive microinsurance market in Bangladesh. By bringing together the public and private sectors to co-create solutions, the project aims to foster resilience among smallholder fish farmers, ensuring long-term productivity and sustainability in the aquaculture industry.