0.25CIP Points
Ismail Balikoowa's microinsurance vision for the vulnerable
Winning the Lloyd’s Innovator’s Scholarship, Ismail Balikoowa admits, still feels surreal.
“It’s one of those moments where your work gets seen and valued after years of trying to make something meaningful happen in a system that too often feels rigid,” he says. “It’s both humbling and energising.”
But for Balikoowa, the scholarship is far more than personal recognition. “Aside from the personal pride, I see it as an open door,” he confirms.
“Access to the Lloyd's global network, exposure to new markets and the opportunity to test new models in real-world settings will enable me to develop ideas I’ve had for years.
"It’s not just a learning experience; it’s a platform to help me contribute to something more.”
Serving under-insured populations
Balikoowa’s professional experience spans designing risk management solutions for corporate clients and promoting affordable microinsurance products for under-insured populations.
“This two-pronged approach enables me to construct resilient plans that are complete and uniquely suited to the businesses of the East African market,” he says.
His Lloyd’s Scholarship proposal is a natural extension of this philosophy. He recommends that Lloyd’s leverage its 300-year tradition of innovation to pioneer parametric microinsurance in emerging markets.
“The model bypasses the costly, slow and complex traditional indemnity system by using objective triggers like satellite-measured rainfall or temperature to enable quick and transparent payouts,” Balikoowa explains.
By making the catastrophic risk layer available through Lloyd’s syndicates, local insurers can supply low-cost, scalable coverage via mobile networks.
“My proposal directly splits the emerging risk of climate shocks in a different way; transforming it from a poverty trap to a manageable risk," Balikoowa says.
"In this way, Lloyd’s innovative spirit is continued by creating resilience on a vast scale, and its position as a forward-looking market is reinforced."
Parametric microinsurance
The creative concept conveyed in Balikoowa’s winning Lloyd’s Scholarship proposal builds on hard-earned insights. He isn’t just describing what exists today but imagining what could be.
Shaped by years of watching how current systems fall short, his concept sees parametric microinsurance becoming the backbone of protection for climate-vulnerable communities.
“Parametric insurance spoke to me because I’ve seen how traditional claims processes can fail the most vulnerable,” he says. “After every flood or drought, delays pile up. People wait. And sometimes, they just give up.”
For him, the power of parametric models lies in their simplicity and speed. Objective triggers like rainfall or temperature data can unlock quick payouts not as a luxury, but as a lifeline.
“The efficiency isn’t just technical,” he adds. “It’s about preserving dignity. When climate shocks hit, people don’t need bureaucracy. They need timely support.”
Bearing witness
Balikoowa has been deeply affected by how the absence of insurance coverage in Uganda and Rwanda, where he works, can devastate families.
“It wasn’t a single dramatic moment of discovery,” he shares. “Rather, my work in the insurance industry enabled me to observe how a single fire, flood, or illness could wipe out years of labour for a family. Insurance was always something distant; something for big companies and the wealthy.”
Working closely with many victims of disaster, Balikoowa saw the true potential of insurance as a way to reduce the blow when life “throws a curveball”*.
Mentors and colleagues who shared a belief in inclusive insurance further reinforced this passion.
A bridge between worlds
Balikoowa’s career trajectory reflects his deliberate effort to find a connection between the worlds of corporate risk management and microinsurance.
“On the one hand, you’ve got corporate risk management; so well-organised, data-driven and well-resourced,” he tells.
“And on the other hand, you’ve got microinsurance, scrappy and under-resourced, but so near to people’s real struggles."
What drives Balikoowa is knowing that the discipline and advancements applied to complex corporate risks can be utilised to serve communities that need protection the most.
“I’ve always thought the gap between corporate risk and microinsurance was a lost opportunity,” he says. “While it is not always easy to bridge this gap, it is what we must do.”
Setting people up to rebuild
A focus on insurance coverage has brought Balikoowa moments of profound satisfaction. He recalls travels to communities affected by disaster, where he asks a simple question:
“If insurance pays you for this loss, what will you do thereafter?” The answers resonate with him deeply: “It will allow me to set myself up again and keep working.”
“These words stay with me and remind me that underneath all the numbers and paperwork, insurance is about giving people a fighting chance to rebuild. Times like these make me deeply proud of what I do,” he says.
Fuelled by frustration
For Balikoowa, innovation has partly been fuelled by frustration. “The insurance industry is brilliant at evaluating risk but can be painfully slow to react to new information,” he explains.
“What feeds me is knowing that innovation doesn’t have to be about rebuilding everything; it’s about making systems function better for more individuals.”
Collaboration is another key motivator. “When I encounter someone who wants to push boundaries a little, it reminds me I’m not alone here.”
Outside the office, family and quiet reflection help him maintain perspective. “My children, specifically, have a way of helping me realise that the world is bigger than any boardroom or policy document.
“I also find clarity in quiet moments – evening walks, exercise, sometimes just being quiet. Those moments remind me why I do this work. It’s not about awards. It’s about people being able to live with a little more safety and a little less fear.”
Having an impact
Ultimately, Balikoowa sees the work as more than technical innovation; it’s about impact.
Through his scholarship and ongoing projects, Balikoowa is determined to ensure that insurance serves as a real safety net, not just for corporations but for communities where vulnerabilities are the highest.
By combining innovation, technical expertise and a human-centered approach, he exemplifies how the insurance industry can adapt to new challenges while staying true to its fundamental purpose: giving people a fighting chance when life becomes unpredictable.
*For non-English speaking Members, “Throws a curveball” from baseball, means to introduce something unexpected, surprising, or difficult to deal with, often changing the situation suddenly.
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