LeapFrog’s Financial Inclusion Fund invested in companies providing tailored insurance products—such as life insurance, health insurance and agriculture insurance—to those otherwise unable to access such services. These low-cost insurance products help communities access additional services that would otherwise be unavailable to them, or better navigate the risks posed by unexpected financial shocks, such as a health crisis, or an extreme weather event.
Microinsurance is an important accompaniment to other poverty fighting tools, like microfinance. However, insurance providers in low-income countries have typically targeted middle- and higher-income communities. LeapFrog has showcased for the insurance industry the financial opportunity in developing sustainable microinsurance products for vulnerable individuals and families.
Leapfrog’s portfolio companies:
- reached a combined 25.6 million underserved people, significantly exceeding its original impact targets.
- provided 72 insurance and savings products to customers across 16 markets.
- pioneered lending to underserved communities, such as persons living with HIV in South Africa who were hitherto refused insurance.
In parallel, LeapFrog’s R&D Lab enriched the sectoral knowledge base by sharing its innovations.
Building from the success of the Financial Inclusion Fund, LeapFrog has since launched two additional funds to expand its financial inclusion activities worldwide.
This investment supported the Open Society Foundations work on equitable access to financial inclusion and services for vulnerable and marginalized communities.